Montreal-based proptech and artificial intelligence (AI) startup Local Logic has secured $8 million CAD in Series A financing. This latest round brings the company’s total funding to date to $10 million CAD.
The round was led by Toronto-based GroundBreak Ventures. Other participants included Shadow Ventures, BDC Capital, Jones Boys Ventures, Cycle Capital, and Desjardins Capital. The funding, which consisted of equity and debt, will be used by Local Logic to double its current 26-person team over the next year. It also plans to increase its footprint in the United States in terms of clients and data as well as the depth of insights offered on the platform.
“It is vital that consumers, real estate professionals and urban planners have a role in shaping their future.”
“As our communities continue to undergo increasingly rapid economic and social shifts, it is vital that consumers, real estate professionals and urban planners have a role in shaping their future,” said Local Logic founder and CEO Vincent-Charles Hodder.
“With the backing of our new investors, we are now in a prime position to expand our platform and begin to not only reimagine the way our cities are planned, built, and experienced, but to better represent the needs of those who inhabit them,” Hodder added.
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Founded in 2015, Local Logic aims to help real estate websites better match people with places by revealing the hidden value of any location. The startup’s AI-based algorithm is aimed to give real estate investors, developers and other professionals a more holistic picture of a given market and related consumer demand.
Local Logic claims its platform analysis creates new levels of certainty around property-level attributes that have long been treated as subjective, helping them to determine the highest and best use of any specific asset and enabling more accurate, efficient, and successful investment decisions. The startup also claims to have 30 billion data points on its platform and to be the largest unique location data set in Canada and the United States.
Local Logic has formed partnerships with several real estate developers and property management companies in Canada and the US, including DevMcGill and Ivanhoe Cambridge, as well as leading real estate portals and data providers such as RE/MAX, Zillow, CoreLogic, Royal Le Page, and Realtor.ca.
In an emailed statement to BetaKit, Gabriel Damant-Sirois, co-founder and chief product officer at Local Logic said the startup is looking to add new insights to its platform.
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“We’ve proven through pilot projects with clients that we can generate insights to predict the absorption rate of different real estate assets at a given price,” added Damant-Sirois. “We want to add these insights at the drop of a pin for any location in the US and Canada.”
Local Logic is also looking to increase the personalization capacity of its platform. This means users will be able to save their projects, investment thesis, or build their own consumer profiles to be able to quickly run analysis when an opportunity arises.
Scott Kaplanis, managing partner of GroundBreak Ventures, said the firm was impressed at Local Logic’s ability to capture and analyze data at the property level.
“Recent shifts in preferences – many of them brought on or accelerated by the COVID-19 pandemic – have created an uncertain environment for homeowners, real estate agencies, landlords, developers and investors,” Kaplanis said. “Local Logic provides these stakeholders with powerful tools capable of providing real-time insight into demand drivers that will shape cities and communities in the future.”
Image source Unsplash. Photo by JC Gellidon.