Fifth Dimension AI Raises $7m in Seed Funding to Scale the genAI Solution transforming the Document-heavy Workflows in Major Real Estate Firms
Fifth Dimension AI secures $7m seed funding to expand into the US market and further transform the multi-trillion dollar real estate industry with its AI assistant, Ellie
The company has seen rapid growth, with a 42% increase in UK customer base and doubled usage in just four months, with major clients like Grainger, Hamptons, and Canary Wharf Group
Ellie achieves 98.4% accuracy on first attempt for complex data extraction tasks, leading to reported 43% gains in operational efficiency for early adopters
September 18th, 2024, London: Fifth Dimension AI has raised $7m in seed funding to further redefine the partnership between humans and computers in the age of genAI through their game-changing AI product, Ellie. Led by SpeedInvest, with continued support from Seedcamp, Anthemis Female Innovators Lab fund, and other investors, this investment will fuel the company's US market expansion and transformation of a multi-trillion dollar industry.
Fifth Dimension AI's recent UK growth paints a picture of the rapid adoption of genAI by professionals, and the need for technology-based solutions in the real estate industry. In the last four months alone, the company grew its customer base by 42%, while usage doubled. Industry leaders such as Grainger, Canary Wharf Group, Allsop, and Hamptons have swiftly embraced Ellie, integrating her into their core operations.
Dr. Kate Jarvis, CEO, has a PhD in Linguistics from Stanford University, and has spent the past 12 years designing Machine Learning-powered products. She explained: "We're fundamentally reshaping how work gets done, starting with real estate but certainly not ending there. Ellie isn't your standard digital assistant - she's a game-changer that amplifies human capabilities. We're empowering professionals to break through old limits by uniting previously siloed data and generating deeper insights. We’re creating unprecedented business value across the real estate value chain and beyond."
Leveraging over a dozen specialised AI models to achieve unmatched accuracy and versatility, Ellie is purpose-built to help the real estate sector overcome the challenges of stagnant productivity, overwhelming document management, and ineffective use of unstructured data.
With a 98.4% average accuracy rate on first attempt for high-value tasks like lease data extractions, Ellie outperforms both traditional solutions and AI competitors. Since launch, the product has expanded to include image generation and analysis, risk assessment, API and document store integrations, and legal document analysis.
The first wave of early adopters of Fifth Dimension AI's technology are already seeing dramatic results - with gains averaging 43% operational efficiency. As the company expands into the US market, companies with swift uptake stand to gain a significant competitive advantage in an industry where efficiency and accuracy are paramount.
Johnny Morris, CPO, has been building AI driven technology in Real Estate for 17 years. He said: “For years I've watched real estate professionals struggle with an ever-growing deluge of PDFs and data. With Ellie, we're building AI that doesn't just read documents, but truly understands and acts on them, turning this information overload into actionable intelligence. This funding isn't just about growth—it's about accelerating our vision to redefine how the entire industry interacts with information.”
The new funding will drive further expansion into the multi-trillion dollar US market, with plans to grow the team in both the UK and US. Fifth Dimension AI will also continue to invest in product development and scale its customer education offerings.
Fred Hagenauer, Partner at SpeedInvest, said “Backing Kate and Johnny was a clear no-brainer for us. Their deep expertise in Real Estate and AI, paired with a proven track record in scaling AI solutions in complex environments, makes Fifth dimension AI set to transform the Real Estate industry with impactful and game-changing innovation!”
Reshma Sohoni, Co-Founder and Managing Partner at Seedcamp, said “We are incredibly excited to double down on our support for Fifth Dimension AI as they expand to the US. The impressive growth and adoption rates the team has achieved prove their capacity to execute at high velocity and the industry's appetite for GenAI and technological innovation.”
Hana Charnley, Investor at Anthemis Female Innovators Lab Fund, said “We are thrilled to deepen our commitment to Fifth Dimension AI and continue supporting the exceptional leadership of Kate & Johnny. The team drives innovation and captivates customers through Ellie, which is particularly evident in her ability to consistently deliver an enjoyable & personalized user experience in every interaction.”
About Speedinvest: Speedinvest is a leading early-stage venture capital firm with more than €1 billion AuM and 30+ investors based in Berlin, London, Munich, Paris, and Vienna. Our dedicated sector-focused teams are the first to fund Europe's most innovative technology startups and our in-house operational experts are on hand to offer founders ongoing support with growth, HR, market expansion, and more. Bitpanda, GoStudent, Wayflyer, Open, CoachHub, Schüttflix, TourRadar, Adverity, and TWAICE are among our portfolio of 300+ companies. Learn more at www.speedinvest.com.
About Seedcamp: Seedcamp is Europe's seed fund, identifying and investing early in world-class founders attacking global markets and solving real problems using technology. The Seedcamp Nation includes 500 startups building breakout businesses that change the way people live, interact and work and includes publicly listed UiPath, Wise, and unicorns Revolut, Synthesia, Sorare, Pleo, wefox, Grover and viz.ai. Seedcamp fast-tracks a founder's vision and creates value through immediate access to smart capital, a lifelong community of support, and a global network built upon nearly two decades experience backing exceptional talent.
About Anthemis Female Innovators Lab Fund: Anthemis is a specialist asset manager that creates value from driving financial systems change by investing in businesses committed to resiliency, transparency, access, and equity. Launched in 2019, Anthemis’ Female Innovators Lab Fund invests in early-stage startups at the intersection of finance and technology across North America, UK and Europe. Female Innovators Lab’s (FIL) approach is modeled on Anthemis’ embedded finance investment thesis, targeting business models that deploy financial services within a diverse set of industries.
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