As we kick off the new year and reflect back on 2019, it’s clear that 2019 was a year of growth and expansion for the PropTech space. According to data from CREtech, investment in PropTech companies in 2019 totaled $24.9 billion, a 157% increase from 2018. There were also a total of 39 “mega deals,” or deals over $100 million, in 2019 – an increase from the 23 mega deals in 2018.
In the midst of all these Proptech investments and deals, 2019 was also a very exciting year of growth for Cherre.
Over the past year, we hit key milestones that have strategically positioned us for further growth in 2020. In 2019 we added new clients, signed key third-party data partnerships, and made some core changes to our technology stack that will enable us to evolve our platform. We also added 26 employees to the team and moved into our new office. And to top off our year, we won the AI artificial Intelligence Excellence Award, the 2019 RETAs for AI and Geospatial & Mapping categories, as well as the RETA for the “Best in Class” for Information and Intelligence.
So what’s in store for 2020?
In terms of the CRE industry as a whole, it looks as if 2020 will continue to be a year of increased investment into Proptech solutions that provide transparency, liquidity, and demonstrable ROI. There will also likely be increased interest in Proptech solutions that offer a single, streamlined experience for users.
Specifically, the industry is looking for a single Real Estate Analytics cloud solution to connect all their data – from every source, public or private, paid or free, external or internal. You can’t make insightful decisions on partial data and once you bring it together, everything from reporting to automated underwriting becomes a reality. The opportunity is really incredible.
2020 is all about providing that experience for Cherre’s customers.
Building on the changes we made to our tech stack last year, we’re working to make it easier and faster to automatically ingest any type of dataset with our award-winning machine learning platform. We’re making changes to our UI to provide one clean interface for customers to consume data and derive actionable insights. Finally, as requested by our clients, we’re working to bring the ingestion, standardization, and consumption engines into a streamlined, united environment for our customers.
We will continue to build out our platform such that we support both developers looking to build innovative application solutions by leveraging our immense infrastructure, as well as end-users, such as investment professionals or mortgage bankers, with a unified ‘terminal’ experience for their day-to-day workflows and decisions.
As the CRE industry continues to adopt technology at an increasing pace, companies will look for solutions that provide an end-to-end, streamlined experience. Our 2020 roadmap is all about being that single, unified experience for companies looking to connect all their datasets and derive actionable insights. We look forward to continuing to be a leading AI-powered data platform for the most important players in the industry.