Since the AI revolution began over a year ago, we've witnessed a plethora of intriguing applications for this technology, hailed as the most significant innovation since the internet. From AI solutions that aim to enhance sales efficiency by 5% to AI bots designed to help users navigate human relationships, and even AI that assists in writing—though not always accurately—there's no shortage of creativity.
However, some companies are harnessing AI to tackle genuine challenges. One such company is Pippin Title.
Pippin Title is focused on simplifying the process for businesses like banks and mortgage providers in locating information about real estate titles and transactions. Utilizing AI and machine learning, Pippin Title efficiently retrieves documents stored in fragmented online databases. For documents that haven't been digitized yet, Pippin has a network of agents who can obtain these publicly available documents in person.
Founded by Bharat Das and Bassel Said, Pippin Title emerged from their observation that while automation was accelerating many financial transactions, real estate processes remained largely unchanged, still relying on cumbersome pen-and-paper methods—even within "digital" mortgage companies. "Part of the reason why real estate is so slow is because all this data resides in county courthouses," Das explained. "The current system requires local agents to stand in line, leaving their phones at the door while they digitize and send back the information. We can truly innovate this process with today's tools."
Based in New York, the startup recently secured an additional $3 million in seed extension funding, bringing its total investment to $8 million. Key investors include Deciens Capital, Caruso Ventures, and the founder of financial services firm Morningstar, among others.
Initially, Pippin Title focused on residential and commercial real estate transactions. However, as customer demand grew, they expanded to cater to the green energy sector, where clients sought similar documentation for wind turbines and cell towers. "We anticipate that anyone involved in real estate will find our system beneficial," Das commented.
What sets Pippin Title apart is its focus on a traditionally dull aspect of the industry. While finding title and purchase documents may not seem revolutionary, the application of AI to solve real problems has garnered significant attention. The convenience of searching for documents online, rather than traveling across the country to obtain them in person, is a substantial improvement.
Observing the AI boom over the past year reveals how much venture capital flows into projects that provide only marginal enhancements. We've seen marketing tools that make human processes slightly faster, tech solutions for fundraising, and improved Excel workflows—yet users are still relying on Excel!
A recent Menlo Ventures report highlights that enterprises aren't adopting these incremental AI upgrades at the same pace as venture capitalists are investing in them, with only 17% of enterprise spending allocated to AI. This isn't surprising, especially in a market with tightening budgets, where companies focus their tech investments on mission-critical solutions. While AI technology will advance, much of it currently falls into the "nice-to-have" category.
In contrast, for many in the insurance and commercial real estate sectors, Pippin Title represents a true "need-to-have." The company's reliance on publicly available information for its database also protects it from some of the pitfalls that newer AI startups encounter. Without proprietary data, Pippin Title doesn't face the risk of changing copyright laws impacting its operations like many other AI firms do.
It's refreshing to see an AI company grounded in reality. While venture valuations and funding sizes have decreased significantly since mid-2022, AI companies have often been exceptions to this trend. Pippin Title has raised cautiously during this frenzy, and Das noted that this approach led to their latest funding round being oversubscribed. Crucially, Pippin Title may avoid the saturation and valuation discrepancies many other AI startups will face as market realities set in.
Although it's uncertain how Pippin Title will evolve and scale, its foundation appears significantly more promising than many of its contemporaries in the AI sector. In an economy where enterprise spending is increasingly scrutinized, creating solutions that businesses genuinely need is a smart strategy.
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