British technology platform Orbital Witness has raised £7.5 million ($9.3 million U.S.) in a Series A funding round to finance its move into the home-buying and remortgage conveyancing markets.
Orbital Witness was founded in 2018 and uses generative AI to automate property transactions, to help reduce the amount of paperwork for solicitors and their clients. The aim of the company is to give property lawyers the technology they need to get their work completed more efficiently.
The company already works in the commercial property sector and with the funding it wants to launch its first product for the residential conveyancing market to expand their capacity and to reduce the transaction fall-through rate.
Its technology is already used by over 2,000 property lawyers and real estate professionals, including all of the main U.K. legal companies and many in-house teams of property developers and insurers, including Zurich and the infrastructure teams at Tesla.
“We transform how property due diligence is handled and empower legal experts to get an instant picture of everything they need to know,” said with Orbital Witness Co-founder Will Pearce.
“Right now, conveyancers are drowning in paperwork. We want to free them from that burden so they can spend less time trawling documents and more time proactively supporting their clients.”
Orbital Witness has now raised £11.5 million in total. This funding round was led by proptech investor Parker89 and also featured LocalGlobe, Outward VC, Seedcamp, Portfolio Ventures and Realty Corporation.