Coadjute (formerly Instant Property Network), a network for decentralised workflow and data sharing within the property industry, has closed a £750,000 seed round.
The investment follows the successful completion of Coadjute’s global trial of a distributed ledger-based system which demonstrated the potential to speed up property transactions by months. It showcased how duplications and costly reconciliation processes could be removed from the buy/sell process, with the first transaction taking less than an hour to complete – potentially saving the global property industry $160 billion annually.*
Following the trial, Coadjute learnt that the network could also be extended to optimise the entire lifecycle of property. In particular, publicly owned housing where the involvement of numerous organisations can lead to confusion regarding responsibility for building, renovation and maintenance decisions.
This accountability deficit was graphically highlighted in the Hackett Report on the Grenfell Tower disaster where the key recommendation was the requirement for a “golden tread” of data reaching back to inception of the building. By enabling all organisations involved in construction to record their involvement, role and results on a distributed ledger using smart contracts, a fully transparent, trusted immutable records of decision making can be created and easily be referred to by all parties – improving the safety, reliability and ultimately the value of construction projects.
As a result of these insights, Coadjute is using its investment to develop two distinct products using its distributed ledger technology:
- Coadjute – Quality Chain: optimising and tracking construction projects from inception to occupation
- Coadjute Instant property: optimising the mortgages and home buying process
John Reynolds, CEO and Founder of Coadjute, said: “Following our groundbreaking trial we gained a huge amount of interest from banks, property companies, real estate agents and public sector organisations. Not only did they want to be involved in the development of our product, they also wanted to share their insights on problems that they think that our technology could solve. This led us to realizing that our integration and workflow solution for property buying could radically improve property building and occupation. Extending our solutions to cover the entire property lifecycle though build, buy and occupy has the capacity to save billions, improve efficiency and, crucially, improve transparency and safety.
“With this funding we are well on our way to test and launch next year. We’ve recruited a great team and we are working on partnerships with some of the major organisations in the global property industry.”
Coadjute’s proposition is further strengthened by the team’s work with HM Land Registry’s Digital Street project, where they beat a number of large corporations to win a major R&D project to use distributed ledger technology to explore connecting a central land registry with businesses.
Coadjute’s trial was built on Corda Network and hosted on Microsoft Azure in what is known as a R3 CorDapp Trial.