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Geowox SIGNED

A platform supercharging residential property valuations.

Total Cost €

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EC-Contrib. €

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Partnership

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Project "Geowox" data sheet

The following table provides information about the project.

Coordinator
GEOWOX LIMITED 

Organization address
address: 31 WESTLAND SQUARE
city: DUBLIN 2
postcode: D02AW71
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Ireland [IE]
 Total cost 1˙560˙000 €
 EC max contribution 1˙092˙000 € (70%)
 Programme 1. H2020-EU.3. (PRIORITY 'Societal challenges)
2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs)
3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
 Code Call H2020-EIC-SMEInst-2018-2020-3
 Funding Scheme SME-2b
 Starting year 2020
 Duration (year-month-day) from 2020-04-01   to  2022-03-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    GEOWOX LIMITED IE (DUBLIN 2) coordinator 1˙092˙000.00

Map

 Project objective

Geowox provides data-driven residential property valuations in real-time. Our clients are mortgage providers and mortgage investors, who are still served by external manual surveyors, delivering paper or spreadsheet based valuations via e-mail. This process is inaccurate, slow and costly. Geowox brings together the efficiency of big data solutions and the due diligence performed by accredited surveyors. We bring accredited surveyors onto our platform, (supercharging) providing them with Automated Valuation Models (AVMs) and report building modules. We offer specific applications for i) new mortgage valuation (a one time, single unit, home-visit based valuation for new mortgages) and ii) existing mortgage revaluation (a periodic, non-home visit based revaluation during the mortgage lifetime), which are the most common tasks performed by surveyors. The EU/US residential valuation market is worth €1.5bn annually. €500m are served by software solutions, with no accredited surveyor intervention. The remaining €1bn is served by over 150,000 accredited surveyors, performing similar property valuations. The core of our proprietary platform has two main elements: i) a proprietary address encoder, able to enrich uniquely identifiable geo-coordinates and property characteristics to addresses from a wide array of sources. ii) an AVM able to predict residential property value to a Median Absolute Percentage Error (MdAPE) of <10%, with the goal to reduce this to <5% by 2021.

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The information about "GEOWOX" are provided by the European Opendata Portal: CORDIS opendata.

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