ACM executive chairman Antony Catalano has confirmed a significant investment in market-leading property data and AI business Propic as it continues its aggressive growth phase.
Propic has developed two products that use artificial intelligence to enable real estate agents and property managers to serve their customers 24/7, along with a platform that tracks every property in Australia every day.
The investment, by Mr Catalano and Alex Waislitz, continues the pair's strategy to build a multi-faceted but integrated media and property business. In addition to owning ACM, publisher of this website and Australia's leading regional news media company, the business partners also hold equity in realestateview.com.au.
"This [Propic] investment continues our commitment to grow and evolve as emerging technologies prove their value," Mr Catalano said.
"Their use of AI is first class and it provides an understanding of vendor propensity we've not seen before. This will help us understand the property market broadly but also at a granular level when looking at shifting trends of both buyer and vendor behaviour."
Propic was founded and is headed up by former Domain executive Jeff Grey, who managed the agent services department there during Mr Catalano's time as Domain chief executive officer.
"We look forward to working with Jeff and the team to not only help build the Propic business but leverage their tools for the broader group," Mr Catalano said.
"What is apparent to us is that AI and big data will play a material role in real estate, as we're seeing in just about every other vertical. To have world-leading solutions being developed here in Australia is fantastic."
Mr Grey said the investment would allow Propic to significantly scale up its operations and prove Australia could lead in the AI tech space.
"We genuinely believe our solutions will become ubiquitous, transforming the customer and agent experience here and overseas," Mr Grey said.
The investment in Propic has been made by IMP, which is Antony Catalano and Alex Waislitz's real estate digital media investment vehicle that also holds the equity in realestateview.com.au.
It follows a series of other investments in property tech start-ups, as the pair look to build an integrated real estate digital media and agent services company, targeting categories within the $250 billion annual real estate transaction market.
The story Media bosses invest in property data, artificial intelligence business first appeared on Farm Online.