Citics
Rebuilding a new real estate market, using the power of technology, mapping data, and information digitization to make real estate transactions seamless.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor | €0.0 | round | |
| investor investor investor | €0.0 | round | |
* | $2.1m | Early VC | |
| Total Funding | 000k | ||
Citics, a Vietnamese Proptech company established in March 2019, is developing a comprehensive real estate data platform. The company was founded by Tran Minh Long, who brings experience from his previous role as a senior manager at a real estate agency and holds a Master's degree in real estate from an American university. He is joined by co-founders Nguyen Dac An, who has a background in software development for real estate companies, and Le Xuan Dong, with a Ph.D. in AI from a Japanese university, indicating a strong technological foundation for the venture.
The firm focuses on digitizing and consolidating real estate data to provide transparent and reliable information for financial institutions and consumers. Citics offers a platform that aims to automate property valuations, providing digital appraisals that can shorten the mortgage approval process from weeks to just a few hours. This service primarily targets banks and other financial institutions, helping them mitigate risks and streamline their real estate lending operations. The business model appears to be B2B, generating revenue by providing these data-driven valuation services to its banking partners.
The company's core product leverages a vast database of property transaction histories and prices, which are analyzed using artificial intelligence and machine learning to generate quick and accurate valuations. This addresses a significant pain point in the Vietnamese market, where property data has traditionally been fragmented and unreliable, leading to lengthy and often subjective appraisal processes. By standardizing and digitizing this information, Citics enhances transparency and efficiency in the real estate market. The company has secured funding from notable investors, including a $1 million seed round and a subsequent $3.8 million Series A round, signaling investor confidence in its model and market potential.
Keywords: proptech, real estate data, property valuation, Vietnam, financial technology, B2B, mortgage lending, data platform, real estate analytics, property technology