Orbital Witness raises £7.5m in boost for conveyancing market
Orbital Witness uses generative artificial intelligence to transform and automate the process of transacting property – helping free solicitors and their clients from paperwork.
Technology platform Orbital Witness has raised £7.5m in venture capital to spearhead its move into the home-buying and remortgage conveyancing markets.
Launched in 2018, Orbital Witness uses generative artificial intelligence to transform and automate the process of transacting property – helping free solicitors and their clients from onerous levels of paperwork.
INVESTMENT
The firm is already active in commercial property and this latest investment will enable the company to launch its first product aimed at the residential conveyancing market – helping expand the capacity of residential conveyancers and reducing the rate of transactions falling through.
The technology is already used by over 2,000 property lawyers and real estate professionals, including all of the UK’s ‘magic circle’ law firms as well as by in-house teams across major property developers and insurers such as Zurich as well as infrastructure teams at Tesla.
Will Pearce (main picture, left, with Orbital Witness Co-founder Ed Boulle), Co-founder, says: “We transform how property due diligence is handled and empower legal experts to get an instant picture of everything they need to know.
DROWNING IN PAPERWORK
“Right now, conveyancers are drowning in paperwork. We want to free them from that burden so they can spend less time trawling documents and more time proactively supporting their clients.”
Ben Carroll, Managing Director at conveyancing firm Enact, adds: “As the demands on conveyancing lawyers grow increasingly complex, we’re focussed on automating time-consuming steps in the conveyancing process to further our industry leadership.
“Partnering with Orbital Witness to automate title checking for our leasehold work has the potential to simultaneously unlock capacity, speed up transactions and reduce risk.”
The ‘Series A’ raise, which brings Orbital Witness’ total funding to £11.5m, was led by proptech investor Parker89 and joined by LocalGlobe, Outward VC, Seedcamp, Portfolio Ventures and Realty Corporation.
