Today Orbital Witness, a LegalTech startup profiling legal risk in property transactions on-demand, announced a funding round of £1.2m bringing together PropTech heavyweights JLL Spark (advised by Concrete VC) and LiFE Ventures, alongside Seedcamp.
The round includes grant funding for research and product development through Innovate UK’s Industrial Strategy Challenge Fund aimed at transforming legal services.
Whether a first-time homebuyer, or managing, developing or financing a portfolio of properties or land assets, getting a clean bill of health on title and search results is crucial to each and every new transaction or project.
Ed Boulle, Co-Founder and CEO said: “Real estate is the most valuable asset class there is. Everyone involved in a real estate deal should therefore have visibility of any red flag legal issues with the property ahead of time. The trouble is, if you’re weighing up multiple properties or sites, it just isn’t possible or practical to go into the detail of each one without incurring significant expense and delay.”
Mihir Shah, co-CEO, JLL Spark said: “Orbital Witness is a prime example of how technology is solving challenges in real estate and moving the industry forward. Legal assessments of land and property are critical, but today, they are also very complicated and time consuming. Orbital Witness is automating the process by combining property data and user-driven analysis to pinpoint risks. We are leveraging the expertise and reach of JLL to help the Orbital Witness team refine and scale its offering.”
With this round of funding Orbital Witness is working closely with early adopters on its product roadmap to make the property lawyer’s job more efficient and advisory in nature by moving the point of automation beyond the provision of raw property information contained in searches, towards extracting and highlighting potential issues that may be lurking in the data.