City collaborates with Yuvoh Analytics to utilise AI methods for more accurate property valuations
Supported by an Innovate UK Smart Grant, City, University of London’s Data Science Institute is collaborating with Yuvoh Analytics on a project aimed at increasing the accuracy and transparency of property valuations using Artificial Intelligence (AI).
The partnership, valued at £101k for City, integrates Computer Vision AI tools and extensive geospatial datasets such as LIDAR (Light Detection and Ranging technology) with models developed by Yuvoh Analytics.
Dr Kevin Ryan and Professor Artur Garcez are co-investigators on the project, while Director of City’s Institute for Cyber Security, Professor Muttukrishnan Rajarajan, is the Principal Investigator.
Yuvoh co-founder Manish Shah, a City Business School alumnus and investment banker, said:
“The opportunity to work alongside Machine Learning specialists is very exciting for Yuvoh Analytics. We are at the forefront of Big Data and AI in the real estate valuation industry and our aim is to stay ahead of the game by constantly innovating. Our management team is always exploring better ways of using image recognition technologies (Computer Vision) to further enhance our Machine Learning regression models. When we sat down with Professor Garcez and his City colleagues we felt this was going to be a very complimentary partnership that could offer solutions to the innovation challenges in the real estate sector”.
Professor Rajarajan said:
This Innovate UK-funded collaboration provides our machine learning researchers with an excellent opportunity to deploy our expertise in partnership with an industry-leading enterprise like Yuvoh Analytics. We are pleased to join forces, especially given the importance of the real estate market to the UK economy.
Professor Garcez, Director of City’s Research Centre for Machine Learning, said:
“We are delighted to be working with Yuvoh Analytics and believe this to be a good fit with our research. Yuvoh Analytics’ substantial data sources and capabilities coupled with City’s research will enable us to build on the company’s sophisticated modelling technologies. As part of the project we will be applying image recognition technologies and correcting biases within the data”.
Yuvoh Analytics is a big data analytics company which has commercialised real estate valuation models using AI across Europe, having valued up to €20bn of properties for some of the national systemic banks in Europe.