- Former Domain CEO is investing $6M into Sydney-based proptech Propic
- Propic has developed conversational AI technology to generate leads for agents
- The CEO of Propic is a former Domain executive
Former Domain boss Antony Catalano’s Australian Community Media (ACM) has invested $6 million into AI proptech business Propic.
ACM is Australia’s largest privately-owned media business with 150 brands reaching 6.7 million readers a month, with mastheads all across regional Australia.
Based in Sydney, Propic has developed two AI proptech solutions that allow real estate agents and property managers to respond and communicate with consumers via automated conversational or text AI any time of day or night. The platform also tracks every property in Australia, on a daily basis.
The startup already has some of Australia’s leading real estate brands as customers, such as McGrath, Stockdale & Leggo and Laing + Simmons. CEO and founder Jeff Gray was on the Domain executive team during Antony Catalano’s four years as Domain CEO.
“Our vision is to intelligently connect people and places with the services they need in real estate, in their time and place. To do this, we use Artificial Intelligence (AI) to improve how buyers and tenants engage around property transactions.
Our solutions also enable agents to leverage a data platform that finds appraisals and listings for them.”
Jeff Gray, CEO of Propic
Recently Propic was selected as one of six companies in the Asia Pacific to join the global Proptech Accelerator Program REACH run by Second Century Ventures, the VC arm of the National Association of Realtors in the USA.
One of the others – Openn Negotiation – is set to list on the ASX this month.
“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,” said Mr Catalano.
“To have world-leading solutions being developed here in Australia is fantastic to see, particularly when you look at the global application of the Propic tech platform.”
The funding will be used to scale up the business, Mr Gray said.
