Israeli startup GEOX has signed an agreement with the Australian government company that includes full 3D mapping of 18 million buildings across the Australian continent, based on aerial photographs.
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GEOX's mapping, based on artificial intelligence technology and patent-protected algorithms, makes it possible to identify over 30 different features on buildings, without the need for a human surveyor.
GEOX's technology is expected to improve accuracy and allow the state-owned company to expand into other areas, such as insurtech, solar energy, green energy and more.
Ran Tzror, CEO of the public R&D partnership Sure-Tech, one of the owners of GEOX: "We are pleased to see Sure-Tech's strategy of investing in companies that are in the throes of a business venture, proving itself."
Izik Lavy, co-founder and CEO of GEOX, said, "This is one of the most extensive and advanced projects in the world in terms of in-depth mapping of the country's residential buildings. The data provided by our technology provides important and necessary information to insurance companies to assess future risks to buildings for determining premiums, monitoring changes made in insured assets, optimally deploying solar antennas, estimating expected electricity output from roof panels according to direction and slope and more. This is a significant leap forward compared to the technologies used so far in Australia. The agreement is expected to generate cumulative revenues of approximately $15 million for the company over the next five years."
