The Future of Australia’s Real Estate Technology
The particular needs of a viral outbreak have unexpectedly changed the future of real estate technology. Urgency to adapt to a new normal is being felt across all sectors. Commercial facilities must implement new requirements for the return to work. Retailers must adapt to survive. Residences must improve processes to keep communities safe. Real estate technology is now the focus of the future of Australian real estate.
The Australian real estate sector is known for being slow to adopt new technology. Only last year had the industry really switched on to the value of property technology and of investing in new ideas. At last year’s Proptech Summit, we thought we were still looking some years into the future for many of the technologies talked about. But the dramatic events of 2020 have accelerated change in real estate.
Property Technology delivers tangible impact
“2020 has seen drastic changes in how we interact with the built environment” says Julian Kezelman, Program Director of Realtech X. RealTechX is a program supporting late-stage growth technology businesses. These businesses must have a track record of successful implementation and are positioned to have an immediate impact on the real estate sector.
RealTech X ran their first program this year and presented the inaugural Realtech X Showcase last week. The Realtech X Showcase presented the first 12 participants.
Participants must have demonstrated the value of their solutions with major owners and operators of real estate assets. The companies were “invited into the program for their innovative solutions, high growth potential and ability to deliver tangible impact to industry,” explains Julian. He expressed that the Showcase “…is not a promise of what will be in the future; it’s a demonstration of what’s happening today.”
Real Estate Technology: What’s happening in Australia?
Australian Real Estate technology is at an exciting time. Property technology is leading the way towards a more efficient, happier, and now healthier future in real estate. Here are some of the solutions involved in this year’s Realtech X program:
Calumino developed the world’s first artificial intelligence, low-cost, smart thermal sensor. The Calumino Thermal Sensor extracts data from heat signatures, providing insights for healthcare, security, smart building, fire safety and automotive industries.
When industries were suddenly faced with COVID-19 safety measures, Calumino made an interesting pivot and developed the Rapid Thermo Screener, a smart plug-and-play temperature screener.
Liftango enables organisations to make commuting less painful and more sustainable. Their carpooling and on-demand transport technology makes it easy to overcome increasing demand for parking and lack of access to public transport.
Private and public transport systems have reached capacity leading to environmental pollution, city congestion and daily stress on people. Transport is changing at a rapid pace. Passengers want convenience, flexibility and to save time.
Openspace provides 360 degree photo documentation to quickly and efficiently get a better overview of worksites and environments.
Lack of data and tools is a challenge in the design and operations decision-making of railway stations, airports and urban spaces. The Openspace software platform enables use of computer vision, AI, IoT, visualisation and gaming technology to show data and give insights on people flow and challenges. The technology used is similar to navigation artificial intelligence systems used in self-driving cars.
Cognian Technologies developed a wireless technology platform to transform traditional buildings into smart buildings. Building owners can quickly and cost-effectively add a range of building management solutions to improve occupant experience, lower a building’s carbon footprint and reduce energy costs.
The Syncromesh platform is installed into the building’s existing lighting system, creating smart lighting controls and a network of connections for other internet-of-things
Devices. Cognian Technologies ‘Syncromesh’ platform works regardless of the building’s size, location or age.
Groundfloor is pleased to have participated in the inaugural RealTechX Growth Program this year.
Growth in the number of people needing parcels delivered during the pandemic is staggering. Online shopping is up 90 per cent nationally. As student residences, apartments, and offices focus on also providing a COVIDsafe environment, requests for Groundfloor’s no-touch parcel locker solution have doubled.
Backing Australia’s Real Estate Technology
RealTechX is backed by Taronga Ventures. Taronga Ventures is a technology and innovation investor that was established in 2015. Through the RealTech Ventures Fund, the group invests into globally scalable entities that enhance or challenge the way real estate operates, throughout the entire real estate life-cycle.
The Taronga Venture Advisory offers strategic advice for institutional real estate owners and operators to accelerate the adoption of innovation.