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A Nordic PropTech View with Natalia Rincón, CHAOS

4.4.22

Welcome to ‘A Nordic PropTech View’, with Sanna Walfridsson our Q&A focused on Nordic PropTech’s.

Our Q&A series is an opportunity for our Nordic team, headed by Sanna Walfridsson to discuss all things PropTech, Start-ups, and Career with different founders from across the region. Each week we will ask PropTech innovators burning questions and quiz them about their product, we hope you find it insightful and enjoy getting to know the founders as much as we have.

 

This week we have been in touch with Natalia Rincon, Co-Founder & CEO of CHAOS.

CHAOS is the urban forecasting company for real estate investors and city developers. Their solution provides a better understanding of cities’ complexity in the form of an easy and intuitive map-based dashboard.

Their AI-powered urban insights and forecasts enable fact-based decision-making for urban investment and development, which leads to the creation of more liveable cities around the world.

By integrating urban data with crowd insights CHAOS produces trademarked indexes from city to neighbourhood level (macro to micro level) with different machine learning modelling approaches.

What is your view on the Finnish PropTech market?

With the growth of Information and Communication Technologies (ICT), the amount of data being produced in the world amounts to massive volumes, also known as Big Data (BD). With the advancement of other technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Geographic Information Systems (GIS), we can expect revolutionizing solutions that would contribute to overall Smart Cities around the world. Particularly in the Real Estate industry, we can expect that the adoption of these technologies will push the adoption of PropTech startups and will boost the transparency of this industry.

Bearing in mind that the Real Estate industry has been a slow adopter of these technologies, in the last couple of years we have seen an extraordinary number of PropTech startups (1,400) with big investment rounds amounting to 16.9 B USD, according to JLL’s transparency report.

The COVID-19 pandemic will also be a big contributor to this accelerated adoption and further stimulate the industry to use technology for accurate and on-demand insights regarding location analytics.

 

What are some of the challenges CHAOS has been facing?

We are working very closely with the real estate industry which is a conservative industry and new innovations are adapted slowly.

Traditionally, the Real Estate industry has made investment decisions based on financial and economic information. It does not consider people’s fast-changing needs nor the sustainability of the investment or its impact on the environment.

Today there is enough information to better understand the performance of specific locations. Yet, the challenge that Real Estate professionals face is figuring out how to cost-effectively aggregate the inconsistent, scattered data, and leverage data science for building the necessary means to get the insights.

 

What opportunities do you see in the market following COVID-19?

The COVID-19 pandemic has led to an acceleration of new types of tech-related to non-traditional data and on-demand insights. We believe that the acceleration and digitalisation of the real estate industry will lead to the creation of high-profile jobs in PropTech as well as the formation of highly skilled professionals.

 

What are your expansion plans?

This year, we are planning to develop tools to support Real Estate developers to assess their impact on the environment. We want to aid them to direct capital into green infrastructure by providing intuitive measurements of the locations’ sustainability.

This year we are launching CHAOS in the Nordics. The first export market will be Denmark, with which we will confirm the product scalability and export market fit of the offering. Other new markets will follow, first in the Nordics and Europe, followed closely by North America and Southeast Asia.

 

Can you please share your predictions for the PropTech sector?

The role of PropTech will be growing. The battle for climate change will be won or lost depending on how well we innovate within our cities and urban environments. Building effective urban environments requires inclusive, resilient, and sustainable solutions within the UrbanTech and PropTech scopes. We need ground-breaking innovations that can be deployed in cities now to hit climate neutrality targets and improve life in cities.

Meanwhile, the Real Estate industry is undergoing a transformation as the growing adoption of big data techs increase the volume of data available and enhance the market processes.

Real Estate is a slow tech adopter, but this is changing. According to JLL’s last transparency index, “nearly 1.400 private tech start-ups focused on Real Estate have been founded and US$16.9 billion in funding raised.

New innovations accelerate the digitalisation of the Real Estate industry, leading to the creation of high-profile jobs in PropTech, as well as the formation of highly skilled professionals.

LMRE are specialist PropTech recruiters, if you need help growing your business or making any key hires please get in touch via the form below!

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