- PointData is an Adelaide based, AI-powered proptech company
- The $4M comprises two equal tranches
- The funds will go towards scaling PointData's technology and human resources
Axiom (ASX: AXI) has announced that following a strategic review, it will be making additional investments in the wider property sector. This includes investments into innovative proptech companies, with the $4 million PointData deal the first of such investment opportunities for Axiom.
The ASX-listed company has entered into a subscription agreement to provide a cornerstone investment in the innovative property data and analytics company.
The funds will be used to accelerate the roll-out of PointData’s machine learning powered technology across all Australian states, with the company’s current data coverage and capabilities across South Australia, Western Australia, and Victoria.
The investment is up to $4 million in two equal tranches, with the first $2 million tranche approved and payable on 14 October this year. The second tranche is subject to a PointData Shareholder Approval to be sought prior to 31 December 2022 and payable by 31 December 2023.
Axiom will also be entitled to a PointData board seat and will add significant strategic leadership and oversight to the growing data company.
“We are thrilled to have Axiom on board as a new shareholder of our company,” said PointData founder and CEO, George Giannakodakis.
“Axiom’s investment is a strong endorsement and validation of the technology platform that PointData has built over the last three years and we’re very much looking forward to working with Axiom to deliver on our ambitious strategy.”
“Axiom brings a strong level of experience in the property sector and connections to commercial and financial parties that we believe will be of significant benefit to PointData as we accelerate our growth plans.
A unique company generating data
PointData is an Adelaide born and based company that, according to Axiom’s managing director Ben Laurance, is “… one of the few companies in the market that generate their own data and analytics capabilities, [and] is uniquely positioned to provide optimised data and analytics to help solve complex issues facing the sector at large.”
In PointData’s latest round, the company secured close to $7 million of fresh capital from investors, including new private and family office investors across Australia.
The company’s artificial intelligence powered technology is able to value residential properties and more significantly, identify and map every residential site for sub-division and development in a city under the applicable local planning code.
Its target markets include government, banks and financial institutions , with PointData already servicing a state government housing authority to assist in planning, managing and understanding the development potential of its social housing network.
