Geowox SIGNED
A platform supercharging residential property valuations.
Total Cost €
0EC-Contrib. €
0Partnership
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0Geowox project word cloud
Explore the words cloud of the Geowox project. It provides you a very rough idea of what is the project "Geowox" about.
Project "Geowox" data sheet
The following table provides information about the project.
| Coordinator |
GEOWOX LIMITED
Organization address contact info |
| Coordinator Country | Ireland [IE] |
| Total cost | 1˙560˙000 € |
| EC max contribution | 1˙092˙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-EIC-SMEInst-2018-2020-3 |
| Funding Scheme | SME-2b |
| Starting year | 2020 |
| Duration (year-month-day) | from 2020-04-01 to 2022-03-31 |
Partnership
Take a look of project's partnership.
| # | ||||
|---|---|---|---|---|
| 1 | GEOWOX LIMITED | IE (DUBLIN 2) | coordinator | 1˙092˙000.00 |
Map
Project objective
Geowox provides data-driven residential property valuations in real-time. Our clients are mortgage providers and mortgage investors, who are still served by external manual surveyors, delivering paper or spreadsheet based valuations via e-mail. This process is inaccurate, slow and costly. Geowox brings together the efficiency of big data solutions and the due diligence performed by accredited surveyors. We bring accredited surveyors onto our platform, (supercharging) providing them with Automated Valuation Models (AVMs) and report building modules. We offer specific applications for i) new mortgage valuation (a one time, single unit, home-visit based valuation for new mortgages) and ii) existing mortgage revaluation (a periodic, non-home visit based revaluation during the mortgage lifetime), which are the most common tasks performed by surveyors. The EU/US residential valuation market is worth €1.5bn annually. €500m are served by software solutions, with no accredited surveyor intervention. The remaining €1bn is served by over 150,000 accredited surveyors, performing similar property valuations. The core of our proprietary platform has two main elements: i) a proprietary address encoder, able to enrich uniquely identifiable geo-coordinates and property characteristics to addresses from a wide array of sources. ii) an AVM able to predict residential property value to a Median Absolute Percentage Error (MdAPE) of <10%, with the goal to reduce this to <5% by 2021.
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The information about "GEOWOX" are provided by the European Opendata Portal: CORDIS opendata.