2020-7-17

AI-based office building rent determination service estie raises 250 million and links up with Zenrin to acquire tenant information for 200,000 units in Metro Tokyo

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estie, the maker of the eponymous real estate data platform for corporations that want to rent an office buildings as well as for building management and intermediaries, revealed on July 14th that they raised 250 million yen in a Pre Series A round of funding. This private offering involved Globis Capital Partners and the University of Tokyo Edge Capital Partners (UTEC). The money raised will be used to invest in product development, recruiting talent, and marketing as well as other things.

estie is a startup founded in December 2018 which posses technology that estimates the rental cost of office buildings in various locations via their unique AI algorithms based on publicly available real estate data. Unlike for apartments, the rent of office buildings is not aggregated online. Up until now, it has been normal to contact various local real estate companies to acquire the rental data.

Besides allowing people to search the rental costs of the office buildings in various locations, their service aggregates and analyzes the basic data from over 70,000 buildings and 20,000 unoccupied units around Japan along with the tenancy info in the 23 wards of Tokyo. As part of an improvement project to go along with the new funding, the data from over 50 real estate developers, real estate management companies, and intermediaries is being refined, and the market estimation and operating process are being improved.

este offers two services: estie for corporations that want to rent an office building and estie pro for building owners and management companies. estie is a service that lets one search for offices that match certain criterion and are located in a prefecture, city, village, or closest station of one's choosing. Asking for a viewing of the building from the results is also possible.

For building owners and management companies, the advantage of estie pro is that it allows them to determine their rent while being able to see the changes in rent of nearby office buildings. Because of this, it makes it possible for them to determine a proper rental price and thus reduce the vacancy time.


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