FutureTech (FT): What is Fincase's major operation field?
Dmitry Tsyplakov (DT): Fincase provides technological solutions and new business models in real estate , combining digital and development . In other words, what is being done manually and requires new services, we automate and convert into digital projects. Such projects include both smart buildings and smart cities, and digital platforms for searching for real estate. Billions of dollars are invested annually in Property Technology, 2018 was a record year for PropTech venture financing - investments amounted to $ 20 billion. This is 38% more than the previous year. In addition, funding for PropTech projects has grown by an average of 62% over the past five years. This dynamics shows how promising the sector is and that is why investors see great potential in such startups.
FT: How did the project start?
DT: The idea of the project belonged to the founder of the company - Maxim Bobyrev . who has been working in the real estate sector for many years and, when I joined the company, introduced me to this market. Even then, a few years ago, it was clear that technology will dramatically transform the real estate sector.
It all started with a major project for Infobank - in a short time we there had to be made a large number of verified reports on the evaluation and assessment of the market value . There was critically little time to complete the task, and in the last few months they announced a tender . The prototypes of the working systems was ready in a short time with a name of Scoring analysis of value (for assessing the value of an object) and Easy Appraisal (service for evaluation reports). If it were made by appraisers, they would need several months for this huge amount of manual reports. This was a revolution in Fincase operations - a staff of 50 appraisers were replaced by machine learning. Thanks to its unique formulas and algorithms and the bunch of amendments, the tender tasks were promptly fulfilled. So a unique product was born, and you hardly will be able to find its analogues even in the Western market. Our benefit is that we collect vast amounts of data and can analyze them and provide a convenient user reports. No one has yet learned how to create such reports.