Estater, a Bahraini proptech company, raised $5 million in a Series A round led by undisclosed investors from Saudi Arabia and Bahrain.
Founded in 2009, Estater uses artificial intelligence and data science to estimate the value of properties in real estate, allowing its users to access a property’s value by selecting it on a map. It also operates a real estate consultancy business with more than 100+ clients across financial institutions, and real estate and investment companies..
“Estater is a unique advanced technology-driven revolution in real estate which brings the science of gisworld, real estate, data science, 3D and technology… together to democratize, [and] solve issues of millions of users to get valuation and market information driven analytics,” said Mr. Roobesh Modi, Estater’s Co-founder. “Users can follow the property to track changes in the valuation over time. More than 100 features of the property are taken into account to generate the valuation. Relevant information is already digitized for more than two million houses in Riyadh, Khobar, Dammam, Jeddah, Kuwait and Bahrain,” added Mr. Sanjay Goyal, another Co-founders.
The company plans to use the raised capital to accelerate product development, increase employee growth, and strengthen its technological infrastructure.