Brokerage firm Square Yards has recently acquired PropVR, an artificial intelligence-based platform concentrating on building digital property experiences by using virtual reality, augmented reality, and 3D technologies.
PropVR, which was founded by Sunder Jagannathan and Srinath Kandala, converts floor plans into an immersive 3D walkthrough.
This helps real estate agents, property developers, interior designers, and architects to show virtual properties to clients.
This acquisition marks Square Yards’ third deal recently. Last year, the company acquired PropsAMC, a platform centered on data intelligence, real estate services, and asset management. It also acquired Azuro, a property management and rental platform.
Square Yards cover the entire stack real-estate journey – mortgages, search and discovery, interiors, property management, post-sales services, and rentals. The company’s enterprise solutions cater to clients in the real estate value chain like real estate developers, banks, and agents.
According to Goldman Sachs, the AR and VR segment in real estate is estimated to reach $80 billion by 2025. Top companies like Matterport, which renders 3D visualizations of physical spaces using cameras, have also gone public with a valuation of more than $3 billion.
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