Omicelo and Instadat announce that the two companies have formed a strategic partnership to provide unique insights into the real estate and real estate technology industries using highly predictive data analytics.
“After 10 years of data analysis on Wall Street I am excited to invest in high-performing, prediction-focused artificial intelligence companies like Instadat with world class technology, passionate founders and defensible intellectual property,” stated Joshua Pollard, the CEO of Omicelo and former head of Goldman Sachs’ residential real estate research. He continued “Instadat’s deep learning tools increase our power to understand real estate values at the block level and unlock insights that are not yet utilized by many of the most revered real estate institutions in the world.” Omicelo, which invests in hard real estate assets and advises real estate technology companies, aims to push data’s role in rebuilding US neighborhoods while inciting growth in the cresting real estate technology space that remains more than a decade behind other technology verticals.
In the preliminary round of predicting future home appreciation in our first test market, Pittsburgh, PA, Instadat’s Nomad III system was able to accurately predict 8 of every 10 homes that doubled in value in less than 5 years. “We expect the accuracy rate to improve, above 90 percent, as we incorporate more and more proprietary data we recently began collecting” stated George Kailas, the CEO of Instadat.
Bud Mishra, Instadat’s advisor and a professor of computer science and mathematics at NYU’s Courant Institute of Mathematical Sciences stated, “the combination of world-class domain knowledge and our highly predictive data-science tools have resulted in deep insights in the past; this partnership has that kind of potential in the robust real estate industry.” Mr. Mishra is also a professor of human genetics at Mt. Sinai School of Medicine and a professor of cell biology at NYU School of Medicine.
Financial terms of the partnership were not disclosed.