Orbital Witness Receives €8.6 Million Investment

Orbital Witness announced today that it has raised €8.6 million in a Series A round led by Parker89, with participation from LocalGlobe, Outward VC, Seedcamp, Portfolio Ventures and Realty Corporation.

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Orbital Witness Receives $8.6 Million Investment to Eliminate Unexpected Costs

Orbital Witness aims to help overcome the challenges associated with delivering north of 1.4 million properties by expanding into the residential transportation market at a time when law firms and transportation companies are still struggling to recover from the effects of the last few years. Orbital Witness is working on technology that will automate and replace the legacy paper-driven "due diligence" process that has been a source of constant delays, unexpected costs, uncertainty and stress in real estate transactions.

The platform has made a huge impact on the commercial real estate market, collaborating with more than 2,500 lawyers and real estate professionals at clients such as Mischon de Reya, Clifford Chance, Slaughter & May, Tesla and M&S. To date, it has saved more than 74 million minutes across 76,000 transactions. Orbital Witness has decided to start using its technology to assist lawyers in leasehold property transactions. Leasehold property accounts for around 25% of all property in the UK and presents many more challenges for conveyancers. Orbital Witness aims to provide solutions in this area at scale.

Orbital uses an AI to eliminate the need to scan and check documents presented during transactions such as purchases or mortgages. It can automatically and quickly respond to many of the standard conveyancing checks required for any leasehold transaction. The AI system has been carefully trained by real estate lawyers and tested on thousands of rental properties.