Real estate heavyweights including Capco, Great Portland Estates, Savills and U+I have signed up to an innovation board to help cloud-based development appraisal tool company, Aprao, develop its technology.
Property companies that have signed up to the board will work with Aprao to develop this software to help digitalise the development appraisal process in real estate. Members of the board will also participate in roundtable discussions.
Aprao, the London-based start-up founded in 2017 by industry expert Daniel Norman, is backed by UK and German tech investors including Surplus Invest and Pi Labs.
Vishal Shah, Investment Associate at U+I, said: “U+I is excited to partner with Aprao to develop its technology into the industry standard for commercial or mixed-use financial appraisals.
“Running the numbers on a property development project is far more painstaking and onerous than it needs to be, and has remained largely unchanged over time until Aprao came along.”
Daniel Norman, founder and chief executive of Aprao, said: “It’s incredibly exciting to have such big names engaged in our innovation board already; all of whom are keen to push for innovation in the industry just as much as us.
“This shows the demand for what we’re doing and highlights the real need to bring the world of property development appraisals into the modern era at long last.”
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