London-based Coadjute – formerly known as Instant Property Network – have successfully closed their latest seed funding round raising £750,000. The company specialise in providing Distributed Ledger Technology (DLT) workflow and data sharing solutions for the real estate industry from the start of purchase or construction leading into on-going management throughout the life of a property.
— Coadjute (@JoinCoadjute) September 11, 2019
The lead investor of this stage of funding has yet to be identified but is likely to align with Coadjutes opinion that “…property ecosystems across the world are failing” which has resulted in “…an industry becoming increasingly intolerable to business, consumers and regulators alike.”
Trials Produce Encouraging Results
Working in partnership with R3, an initial trial of the platform involving 40 companies including Barclays and the Royal Bank of Scotland running simulated property sales and transactions, achieved demonstrable cost and time savings. As a result, observers reportedly concluded that “…property transaction time to be reduced from three months to three weeks” which if applied across “…the global property market it could equate to an annual saving of approximately $160 Billion.”
Speaking to the Mortgage Finance Gazette, the EO and founder of Coadjute, John Reynolds, explained the results of that trial generated “…a huge amount of interest from banks, property companies, real estate agents and public sector organisations.”
Reynolds believes that by “Extending our solutions to cover the entire property lifecycle through build, buy and occupy has the capacity to save billions, improve efficiency and, crucially, improve transparency and safety.”
In their former incarnation as Instant Property Network, Coadjute worked in conjunction with the UK’s HM Land Registry on their Digital Street project to conduct feasibility studies on the interoperability of DLT solutions between central land registries and businesses.
It was a real privilege being delivery partner on digital street year 2 and hats off to @HMLandRegistry and the whole Digital Street Team for stimulating industry collaboration and innovation within the UK and globally #proptech #dlt
— John Reynolds (@reynodes) April 17, 2019
Currently, Coadjute promote two core DLT products – Coadjute Quality Chain aimed at construction projects, and Coadjute Instant Property which is designed to aid the mortgage and home buying processes. Testing is on-going and a full launch is expected in 2020.