Automax.ai Raises Over $5 Million, Cutting Home Appraisals to 24 Hours With 700 Data Points
Updated
Updated · University of Waterloo · Aug 17
Automax.ai Raises Over $5 Million, Cutting Home Appraisals to 24 Hours With 700 Data Points
1 articles · Updated · University of Waterloo · Aug 17
Summary
More than $5 million in funding will help Automax.ai expand an AI-driven appraisal platform that turns a process that often takes weeks into one completed within 24 hours.
Using a mobile app, homeowners scan properties in minutes while built-in LiDAR and computer vision capture 3D models, measurements and 700 data points; licensed appraisers then review and sign the final reports.
Automax.ai now sells to lenders, insurers and homeowners rather than appraisers, after starting with enterprise interest from the CEO of Canada’s largest appraisal company.
A $500,000 pre-seed round, Y Combinator and University of Waterloo networks helped founder Humza Ahmed scale the company, which is now based in San Francisco and plans to keep hiring Waterloo talent.