Aaeron, a provider of SaaS solutions for the European property industry, has invested “up to” €100 million ($107 million U.S.) in Paris-based proptech startup Stonal, according to the latter’s announcement.

Founded in 2017, Stonal describes itself as a “data management platform for real estate owners and investors in Europe.” It also has an office in London.

It operates a collaborative AI system that extracts information from documents and blueprints to build a database of buildings that is continuously updated by property managers, insurers, surveyors and other stakeholders. It also offers ESG reporting and CapEx planning services to help them increase returns, improve productivity and preserve asset values.

The company focuses on residential and commercial real estate. Earlier this year, it launched StonalGPT, a generative AI tool for property owners and investors.

“The real estate industry, both residential and commercial, is at a crossroads. AI is a massive opportunity to reshape it deeply, but it requires a significant amount of data on which to be trained,” said Stonal CEO Robin Rivaton.

According to Stonal, it employs 150 people and has more than 130 clients, including real estate investment trusts, housing organizations, asset managers and family offices, helping them to manage more than 200 million square meters of property, including 1.6 million housing units.

Aareon said its investment in Stonal reflects a growing appetite in the real estate sector for tech services. Based in the German city of Mainz, it says that it serves around 13,000 customers that manage some 18 million housing and commercial property units.

Aareon CEO Harry Thomsen commented: “Investing in Stonal is a strategic step to strengthen our ‘Aareon Sustain’ product portfolio and amplify our proficiency in AI technology across the Aareon Group. With an expected uptick in the need for robust data management solutions, this collaboration not only reinforces the existing partnership between Stonal and Aareon in France but also equips us to meet our customers’ needs and deliver unrivalled innovation and operational excellence.”

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