Rent Roll Data Automation Company Gets $8M

PRODA, which has software to automate capture and processing of rent roll data, recently announced the completion of an $8 million Series-A fundraising round. The money will go to scaling up the company.

Leading the round was existing investor ING Ventures. New investors included JLL Spark, Blackstone Innovations Investments, and Concrete VC. The company believes that having such heavy commercial real estate hitters backing it will help establish its credibility and expand its reach. PRODA claims to be in 16 countries currently

Rent roll data is critical for valuation, finance, business planning, income streams analysis, and operational control. PRODA describes its product as a “cloud-based SaaS solution that captures, standardizes, validates, analyses and exchanges rent roll data.” Lenders, investors, asset managers, owners, and operators all regularly use rent roll data.

“Regardless of currency, language or property-type, the machine-learning trained platform automates a previously manual and error-prone process, resulting in up to a 90% reduction in overall processing time in addition to higher quality data for its users,” the company says. Data is available with real-time reporting.

“Regardless of currency, language or property-type, the machine-learning trained platform automates a previously manual and error-prone process, resulting in up to a 90% reduction in overall processing time in addition to higher quality data for its users,” the company says.

On its website, PRODA claimed that “typical real asset investors have hundreds of rent rolls to manually process, which is a time-consuming and error-prone task.”

The company employs machine learning to enable fast data extraction and distinguishes more than 1,500 variables across asset classes and countries.

PRODA says the product “includes new additions such as the tenant exposure and risk analysis tool, as well as an advanced charting tool that significantly saves asset managers time by formulating data exactly to their required specifications. 

In the release, John Fitzpatrick, CTO of real estate and private equity at Blackstone, said that his company looks to the software to “drive meaningful efficiency gains across the underwriting and asset management activity within our real estate business.”

“More efficient, accurate, standardized and centralized rent roll data allowing for higher degrees of analysis is an important solution that our partners and the wider industry are looking to adopt,” the release quoted Arnaud van der Wyck, managing partner at Concrete Ventures, as saying.