Geowox COMP
Quick, cost-effective and accurate residential property valuations for the European mortgage lender market.
Total Cost €
0EC-Contrib. €
0Partnership
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0Geowox COMP project word cloud
Explore the words cloud of the Geowox COMP project. It provides you a very rough idea of what is the project "Geowox COMP" about.
Project "Geowox COMP" data sheet
The following table provides information about the project.
| Coordinator |
GEOWOX LIMITED
Organization address contact info |
| Coordinator Country | Ireland [IE] |
| Project website | http://www.geowox.com/ |
| Total cost | 71˙429 € |
| EC max contribution | 50˙000 € (70%) |
| Programme |
1. H2020-EU.3. (PRIORITY 'Societal challenges) 2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs) 3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies) |
| Code Call | H2020-SMEInst-2018-2020-1 |
| Funding Scheme | SME-1 |
| Starting year | 2018 |
| Duration (year-month-day) | from 2018-12-01 to 2019-05-31 |
Partnership
Take a look of project's partnership.
| # | ||||
|---|---|---|---|---|
| 1 | GEOWOX LIMITED | IE (DUBLIN 2) | coordinator | 50˙000.00 |
Map
Project objective
Residential valuations are slow (0.5-2 hours), costly (€100-200) and inaccurate (8-12 % MdAPE). Therefore, residential mortgage lenders resort to small samples or simplified indexing methods.
Geowox COMP is a web application that uses open data and satellite image recognition technology to provide real-time residential valuations for European and Northern American residential mortgage lenders (retail banks). Valuations provided by Geowox COMP are 1000x times quicker (milliseconds), 10x cheaper (€10), and 2x more accurate (4-6% MdAPE) than current manual valuations.
The combined European and Northern American residential valuation market is worth €12b (TAM), including both manual valuations (€10b) and tech solutions (€2b). We are targeting regions with a tech-solution addressable market of €1.2b (SAM). We forecasts a year-5 revenue of €83m (SOM).
Geowox COMP is a software as a service for residential mortgage lenders. Residential valuations are sold in recurring annual contracts at varying package sizes. Commercialisation will start in the UK & Ireland, followed by Northern Europe, Southern Europe, and North America. Cumulative gross profit of €28.3m by the 3rd year of commercialisation. This will be a return of investment of 14x.
We are a startup company focused on developing algorithmic and image processing methods for valuing property. We have been developing Geowox COMP in house since 2017. Within our team we have experience in start up management, product development, and software sales. We have already established strong relationships with Bank of Ireland, Ulster Bank, KBC Bank, CBRE and the Irish Housing Agency, for testing and providing early stage feedback of Geowox COMP.
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The information about "GEOWOX COMP" are provided by the European Opendata Portal: CORDIS opendata.