- Orbital Witness, a legal tech startup based in London, just raised $4 million in a funding round backed by Seedcamp and LocalGlobe.
- The firm uses machine learning to speed up and simplify the bloated due diligence process on property and land sales.
- Some of Orbital Witness' best known clients include British retail giant M&S, Transport for London, and a host of major law firms.
- Remus Brett, partner at LocalGlobe, said the firm's tech had the potential to "transform the way real estate has been valued and transacted for over 150 years."
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Legal tech startup Orbital Witness has raised $4 million in a funding round backed by Seedcamp and LocalGlobe.
Orbital Witness, based in London, is disrupting the due diligence process in real estate by developing a new "universal risk rating" for property and land. In the UK alone, due diligence costs around $5 billion annually.
Using machine learning, Orbital Witness accelerates the legal due diligence process with a platform to access and organise property information from HM Land Registry and local authorities, facilitate quick document review, and flag risks automatically to lawyers and underwriters.
The firm's platform is used by supermarket giant M&S, Transport for London, and a number of major law firms to reduce time and cost inefficiencies.
Will Pearce, cofounder and COO at Orbital Witness, explained: "We've built a system for clients to access documents from numerous important sources and provide an easy way to provide risk assessment and insights quickly.
"Now we're using that expertise and technology to reimagine property and land risk for today, to make transacting real estate less time-consuming, arduous and inefficient."
The new round also saw investment from Outward VC and software firm JLL Spark.
Remus Brett, partner at LocalGlobe, added: "The impact Orbital Witness has had on the property industry in just two years is hugely impressive.
"Their approach has the potential to transform the way real estate has been valued and transacted for over 150 years."
You can get an exclusive look at Orbital Witness' pitch deck here.
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