London-based data processing and analysis platform PRODA has announced an $8m (£6.5m) series A funding round backed by JLL Spark, Blackstone Innovations Investments and Concrete VC.
The raise was led by existing investor ING Ventures and will help PRODA to establish its software platform as a centralised hub for processing and analysing lease, property and unit-level data.
The company provides a cloud-based SaaS solution that captures, standardises, validates, analyses and exchanges rent roll data. Regardless of currency, language or property type, the machine-learning platform automates a previously manual and error-prone process, resulting in a reduction of up to 90% in overall processing time, in addition to higher-quality data for its users.
The company operates across 16 countries and the funding will be used to continue to scale PRODA’s platform and grow its presence in and beyond Europe.
Peter Bredthauer, co-founder and chief executive of PRODA, said: “Alongside existing investors like Surplus Equity Partners and M7 Real Estate, we have fantastic support as we continue to fulfil our mission of transforming data from a headache into an asset.”
Tanguy Quero, investment principal at JLL Spark, the corporate venture arm of JLL, said: “Our investment in PRODA aligns with JLL Spark’s strategy of backing early-stage start-ups which can solve the most pressing issues in commercial real estate. PRODA’s unique solution enables up to 90% productivity gain in rent roll data management and we are pleased to be a part of its future growth.”
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