Fifth Dimension AI, which has developed a platform named "Ellie" to automate processes and machine learning in document-heavy industries including real estate, has raised £2.3 million in a pre-seed funding round.
The company was launched in January 2023 by Johnny Morris, a former Chief Operating Officer of Wayhome and the former Analytics Director at Countrywide, and Dr Kate Jarvis who holds a PhD in Linguistics from Stanford University and has spent 12 years designing and bringing Machine Learning-powered products to market, and in Chief Product and Technology Officer roles in varied sectors.
Both founders believe Large Language Models (LLMs) can unlock 'the exceptional' in people, taking away the time-consuming and often boring task of reviewing large quantities of information locked away in disparate documents, and instead produce outputs in a fraction of the time.
We are on a mission to redefine the world of work, beginning with the real estate industry.
Following the completion of an initial pilot scheme which has run since April, the company has signed 10 major real estate firms, including Hamptons, as clients.
The pre-seed investment round was co-led by Anthemis' Female Innovators Lab Fund and Seedcamp, with participation from Ascension Ventures Ltd, Concrete VC, Love Ventures, Sie Ventures, and Twin Path Ventures.
The investment will be used to enhance the tool's capabilities.
Productivity continues to be a major issue for the UK.
According to forecasts from KPMG, the prospects of high-interest rates and low productivity are expected to hold back growth, with GDP growth slowing to just 0.4% in 2023 and 0.3% in 2024.
Developed to improve productivity and amplify exceptional teams in industries that deal with a lot of documents and data,
According to the company, Ellie acts as a partner in improving productivity by automating time-consuming tasks such as data analysis and industry research.
This frees people up to spend greater time bringing value to their business, using their expertise and insights.
Improving productivity in the real estate sector could bring significant reward.
Residential real estate remains the biggest asset class in the world, and inventory is expected to rebound in 2024 for both residential and commercial real estate after a challenging period.
Jarvis says: “We are on a mission to redefine the world of work, beginning with the real estate industry.
As a result of the pandemic, people want to do work that is impactful, purpose-driven and aligns with their values.
"With Ellie, we are providing real estate professionals with a solution that will lift them out of time-consuming, repetitive, and boring work - enabling them to do their best work and lead happier, purposeful, and more fulfilled lives.”
Morris adds, “We designed Ellie to provide real estate professionals with a competitive advantage by providing a partner to help them get done in minutes what usually takes hours.
"Across our clients, we’ve been amazed by the impact that Ellie has on the newest generation of real estate professionals.
These young and ambitious individuals are able to increase their output and amplify their expertise in the industry in a fraction of the time.
With Ellie as their partner, we believe the next generation will have the power to truly move the industry forward.”
We designed Ellie to provide real estate professionals with a competitive advantage by providing a partner to help them get done in minutes what usually takes hours.
