Orbital Witness, a London, UK-based company focused on simplifying and accelerating the legal portion of any property transaction using technology, closed a £7.5 million Series A round, bringing its total raised to £11.5 million.
The round was led by Parker89, a venture firm specializing in proptech investments, with participation from LocalGlobe, Outward VC, Seedcamp, Portfolio Ventures, and Realty Corporation.
With the newly secured investment, Orbital Witness plans to expand its reach into the residential conveyancing market, assisting law firms and conveyancers.
Orbital Witness building the technology that will automate and replace the legacy paperwork-heavy ‘diligence’ process that is the source of endless hold-ups, unplanned costs, uncertainty, and stress on property transactions.
“This funding round comes off the back of a year in which our company's revenues doubled, and brings our total funding to £11.5m to date. We'll use the investment to expand our 45-strong team, enhance our product offerings, and build key partnerships across the property market”, Will Pearce, co-founder and CEO explained. “As part of this funding round we are particularly delighted to welcome Parker89 who represent First American Financial, one of the largest insurers in the business. We will continue to pioneer our unique approach to legal-grade automation backed by insurance.”
Company: Orbital Witness Limited
Raised: $7.5M
Round: Series A
Funding Month: May 2023
Lead Investors: Parker89
Additional Investors: LocalGlobe, Outward VC, Seedcamp, Portfolio Ventures, and Realty Corporation
Company Website: https://www.orbitalwitness.com/
Software Category: Legal Risk Assessment Platform
About the Company: Founded in 2018 by Will Pearce and Ed Boulle, Orbital Witness is a Proptech-meets-Legal tech startup that develops a rating of legal risks for real-estates. Orbital Witness provides insights from satellite imagery for real estate lawyers. It offers historical satellite imagery alongside property, land, and ownership data to assist lawyers in the real estate due diligence process. The platform is already being widely used within the legal profession, with over 2,000 lawyers and property professionals, including all the Magic Circle law firms like Slaughter & May and Freshfields, and corporate users like Tesla and M&S. Orbital Witness estimates that the platform has saved over 74 million minutes across 76,000 transactions.
Source: https://www.orbitalwitness.com/blog/funding-announcement