London, UK-based company that transforms the legal processes in property transactions through machine learning and AI, Orbital Witness raised GBP 7.5 million in Series A financing. The round took place on May 19, 2023. PropTech venture firm Parker89 led the financing for the firm. Meanwhile, LocalGlobe, Outward VC, Seedcamp, Portfolio Ventures, and Realty Corporation joined in the funding.
Purpose of investment for Orbital Witness
With the latest financing, Orbital Witnesses seeks to expand into the residential conveyancing market. It intends to help law firms and conveyancers, many of whom are still recovering from the effects of the turbulence of the last few years, tackle the challenges associated with delivering north of 1.4million property transactions a year.
What the co-founder of the company has to add
Ed Boulle, co-founder and CSO, further said, “The complexities, risks, and demands associated with leasehold conveyancing have never been higher. The industry is struggling to keep up with new legislation and new lender requirements. As they are both set against a backdrop of experienced conveyancers leaving the profession. The automation we are introducing will help firms to boost their total capacity. It further prioritises urgent tasks across large caseloads, as well as provide their clients with visibility of potential problems at the start of the purchase process.”
In addition, Will Pearce, co-founder and CEO, said, “This funding round comes off the back of a year in which our company’s revenues doubled. It brings our total funding to £11.5m to date. We’ll use the investment to expand our 45-strong team, and enhance our product offerings. Our team further looks forward to build key partnerships across the property market. As part of this funding round, we are particularly delighted to welcome Parker89, who represents First American Financial, one of the largest insurers in the business. We will continue to pioneer our unique approach to legal-grade automation backed by insurance.”
What the investor has to add
Paul Hurst, Managing Director at Parker89, said, “At Parker89, we find and invest in the teams and technologies that will usher in the future business models and working practices of a real estate transaction. Orbital Witness’ vision of automated diligence – combining risk-spotting AI with insurance to enhance efficiency in real estate transactions – fits perfectly into our investment strategy and aligns with the expertise and assets we can offer. We are excited to partner with Will, Ed, and the Orbital Witness team.”
About Orbital Witness
Will Pearce and Ed Boulle in 2018 launched Orbital Witness. The company leverages machine learning and AI to allow lawyers and property professionals to manage the complex, labour-intensive, and heavily regulated ‘diligence’ process.
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