Recent investment of $500,000 allows for expansion of the company as it announces its first customer
SAN DIEGO–(BUSINESS WIRE)–#AI–Deckard Technologies, a data mining company that transforms real estate data into actionable insights for communities, has received an additional investment of $500,000, allowing it to emerge from stealth mode. The lead investor in its first two rounds of seed funding is Loeb Enterprises. This brings initial venture funding to over $4 million for Deckard as it develops ground-breaking approaches to helping cities, counties and states become smarter with real estate data, using data analytics, machine learning and advanced statistical analysis to identify unpaid property taxes from real estate improvements done without plans and permits.
Rapid technological, economic and market changes have widened the information gap between markets and local governments, skewing the equity and fairness of the property tax system, and negatively impacting community services. It is estimated that the state of California alone loses $400-$500 million per year in unpaid property taxes that should have resulted from assessments if appropriate plans and permits had been drawn. The services impacted by the loss include schools, police and fire departments, among other government-supported services.
Neil Senturia, CEO for Deckard, says, “Deckard has created ‘Look Back’ software, using our patented AI technology, which identifies residential improvements done without plans and permits. The effect of not getting a permit is that these properties never get re-assessed at the proper value and the legally owed property taxes never get collected.”
The first customer to contract Deckard for the tax analysis solution is Mono County in the Eastern Sierra section of California. Deckard is also running a pilot program with Riverside County and is in discussion with several other counties and cities throughout California.
Deckard plans to use the additional investment to expand the company’s offerings to include both the tax analysis product and another one, Rentalscape, which quantifies short-term vacation rentals and analyzes proper fees that should be paid to local government. The company, headquartered in San Diego, was founded by Neil Senturia, a venture capitalist who has identified and funded many successful tech companies, and Greg Rose, who is chief science officer for Deckard and a former senior executive at Qualcomm. They initially started the company with seven former Qualcomm engineers in July 2018.