Propell Asia, a property technology accelerator program organised by JLL and Australian developer Lendlease today announced its inaugural crop of startups to participate in a 10-week incubation program.
Five early-stage proptech companies were chosen from among entrants from around the Asia Pacific region, with all of them offering technical solutions or services aimed at squeezing extra value from real estate transactions or existing property assets.
“Lendlease is looking forward to having these dynamic start-ups that are passionate about transforming the proptech industry in our region. Their diversity will bring innovative ideas and use cases to the field of real estate,” Tony Lombardo, chief executive officer for Asia at Lendlease said in a statement. “Our goal is to help unlock their potential and provide an accelerated pathway for them to validate, commercialise and scale their solutions.”
Putting Startups Through a Ten-Week Program
Propell Asia, which says it “aims to uncover the next Asian proptech unicorn” chose companies offering office and leasing, construction productivity, facilities management and Internet of things (IoT) applications to take part in a ten-week learning programme focused on tuning their solutions to the requirements of real estate companies, and giving the founders access to a range of mentors from within the industry, according to the statement.
The five start-ups chosen for the Propell Asia accelerator programme are:
An online marketplace that enables individuals and businesses to find flexible and long-term workspaces over the Internet, and make better informed decisions about where to work. For workspace owners, the platform enables more efficient management of desks, rooms and other aspects of the portfolio.
A service that allows property managers to apply machine learning to managing physical infrastructure and manpower resources to pave the way for more efficient facility management.
An IoT-powered facilities management platform that enables managers to monitor use of their facilities via sensors and machine learning to enhance use of facility management resources.
An AI-driven service that uses image analysis, speech recognition, machine translation and conversational experiences to allow construction companies to apply data analytics to their projects.
An SaaS application that leverages captured data to enhance leasing and asset management workflows for landlords and agents.
Helping Tech Providers Hone Their Products
The organisers of Propell Asia indicated that the five finalists were chosen based on the commercial viability and scalability of their idea, as well as each team’s strength and technical competency.
“Our partnership with Lendlease makes Propell Asia a particularly compelling opportunity for start-ups to access the entire real estate value chain – including investment, development, construction, brokerage, consulting and facilities and property management – and opportunities to test and validate their products,” said Albert Ovidi, chief operating officer of JLL Asia Pacific
The entrants will work with representatives of Lendlease, JLL and other mentors from the industry over the course of the program to hone their concepts and existing applications into solutions in tune with the needs of real estate developers, investors and service providers in Asia.
“The diverse real estate systems in each country are a real challenge for start-ups, so I’m glad that JLL and Lendlease are bringing their ecosystems together, along with committed mentors, to offer guidance and expertise,” said Anthony Chow, co-founder and CEO of Singapore-based Igloohome, one of the mentors of the programme, who earlier this year raised $4 million for his smart lock maker.
The accelerator will be based at District6, a co-working space located in Singapore’s Bras Basah area, with the final stages of the programme culminating in a demo day where each start-up will present their product to a panel of real estate experts, investors and media.