Wed 11 Oct, Sydney – Leading 3D asset management software provider Trendspek has announced a partnership with RealAssetX, an innovation lab launched by real estate investment manager PGIM Real Estate and real asset technology investor Taronga Ventures. RealAssetX has been created to research, develop and invest in technology that aims to accelerate advancements in the real asset industry.
Developing AI advancements for 3D software property condition assessments
Trendspek has set its sights high with a vision to revolutionise the industry and create a paradigm shift in how asset management is done. Our staged objectives, from defect detection to portfolio analysis, aim to protect asset value and optimise the asset lifecycle.
With the potential to automatically identify and track building defects over time, Trendspek's innovative approach provides asset owners with a plan on what requires remediation, when and how much it will cost, according to a customised risk vs. cost matrix.
This exciting development has the potential to significantly enhance the efficiency and accuracy of operations, providing exceptional value to clients and opening up new possibilities for global insurance underwriting models, investment ratings, and construction methodologies.
Derek Feebrey, CEO and Co-Founder of Trendspek says:
“With this unique partnership we aim to develop new AI capabilities to be your co-pilot in optimising your asset management. Deflection tools, predictive maintenance and trend monitoring will empower you to identify and mitigate property risks long before they become critical.”
Naqash Tahir, Executive Director, CIO Office at PGIM Real Estate adds:
“RealAssetX is delighted to partner with Trendspek to develop innovative AI technology, which aims to enhance a property’s lifecycle through advanced defect detection and predictive failure, thus optimising operations for asset owners and ultimately improving investment performance."
Your co-pilot to optimise the asset lifecycle
Defect detection: Use AI to automatically identify common defects on a single asset, including cracking/spalling in concrete, corrosion in steel, and common defects across industrial roof and facades.
Change detection: Automatically identify changes to the previous inspection.
Predictive failure: Of those defects identified and tracked, perform advanced AI analysis to determine the probability and time of component or asset failure.
Ratings benchmark: Benchmark all properties within a class (filtered between macro and micro environments) to generate a benchmark rating with the ability to analyse a single portfolio against those benchmarks.
Asset analysis: Based on identified defects, accurately plan what capital expenditure may be required and what risk rating would be applied.
Portfolio analysis: Determine defect type and risk rating across a portfolio, and what can be done to maintain the asset, e.g. roof pitch analysis.
Real Estate AI Innovation in Data, Research, & Tech
Underpinned by data from PGIM Real Estate and third-party data sources, RealAssetX has partnered with leading universities around the world – working in the fields of sustainable tech, artificial intelligence (AI) and deep tech – to research and develop new technologies that can be incubated and eventually adopted by owners, operators and managers of real assets. RealAssetX is currently partnered with four leading universities globally: UCL (University College London), University of Chicago Data Institute of Science, University of New South Wales and National University of Singapore.
By combining advanced data from PGIM Real Estate and Trendspek’s innovative technology solution, we’ll be working towards how we can use AI to advance property inspections and condition assessments.
Industry Leading Asset Management 3D Software
Trendspek is leading a revolution of asset management with its innovative 3D software solution, empowering industry leaders, asset owners and engineers with the ability to digitally uinspect infrastructure and streamline their full asset lifecycle. Transform hundreds of thousands of data points into interactive 3D models to safely audit, collaborate and report on your assets to minimise risk and maximise lifespan — all without leaving your desk.
About Taronga Ventures
Global Real Estate Technology Investor
As a leading real asset technology (‘RealTech’) investor, Taronga Ventures supports the future evolution of the built environment by identifying, investing into and supporting emerging RealTech companies.
Their focus is on driving real and measurable change, to create a better built environment through sustainable and responsible investment.