Fifth Dimension AI, the company amplifying exceptional real estate professionals, today announces that it has raised £2.3 million in a pre seed round as it comes out of a pilot phase, ready to transform an industry which has struggled to embrace the digital age.
Ellie uses automated processes and machine learning to support document heavy and data-filled industries like real estate. The business believes that Large Language Models (LLMs) can unlock the exceptional in people, taking away the time consuming and often boring task of reviewing large quantities of information locked away in disparate documents, and instead produce outputs in a fraction of the time. Following the completion of an initial pilot scheme running since April, Fifth Dimension AI already boasts nearly 10 major real estate firms as clients, including big names such as Hamptons.
The pre seed investment round was co-led by Anthemis’ Female Innovators Lab Fund and Seedcamp, with participation from Ascension Ventures Ltd, Concrete VC, Love Ventures, Sie Ventures, and Twin Path Ventures.
The investment will be used in enhancing the tool’s capabilities for an expanding audience across the real estate industry.
Founded in January 2023 by Johnny Morris and Dr. Kate Jarvis, Fifth Dimension AI harnesses their wealth of expertise across real estate, finance and technology. Dr. Kate Jarvis is a large language model wizard with a PhD in Linguistics from Stanford University. She’s spent the past 12 years designing Machine Learning-powered products and bringing them to market, in Chief Product and Technology Officer roles in varied sectors. Johnny has more than a decade of real estate experience which includes roles as Chief Operating Officer at Wayhome and Analytics Director at Countrywide.
The fundraise comes as productivity continues to be a major issue for the UK. According to forecasts from KPMG, the prospects of high interest rates and low productivity are expected to hold back growth, with GDP growth slowing to just 0.4% in 2023 and 0.3% in 2024. Developed to improve productivity and amplify exceptional teams in industries that deal with a lot of documents and data, Ellie acts as a partner in improving productivity by automating time-consuming tasks such as data analysis and industry research. This frees people up to spend greater time bringing value to their business, using their expertise and insights.
Improving productivity in the real estate sector could bring significant reward. Residential real estate remains the biggest asset class in the world, and inventory is expected to rebound in 2024 for both residential and commercial real estate after a challenging period.
Dr. Kate Jarvis, Co-Founder & CEO of Fifth Dimension AI, comments, “We are on a mission to redefine the world of work, beginning with the real estate industry. As a result of the pandemic, people want to do work that is impactful, purpose-driven and aligns with their values. With Ellie, we are providing real estate professionals with a solution that will lift them out of time-consuming, repetitive and boring work – enabling them to do their best work and lead happier, purposeful, and more fulfilled lives.”
Johnny Morris, Co-Founder & Chief Product Officer, Fifth Dimension AI, adds, “We designed Ellie to provide real estate professionals with a competitive advantage by providing a partner to help them get done in minutes what usually takes hours. Across our clients, we’ve been amazed by the impact that Ellie has on the newest generation of real estate professionals. These young and ambitious individuals are able to increase their output and amplify their expertise in the industry – in a fraction of the time. With Ellie as their partner, we believe the next generation will have the power to truly move the industry forward.”