The Israeli start-up company GEOX signed a deal with the Australian government company Geoscape that will lead to the full aerial footage-based 3D mapping of 18 million buildings around the Australian continent.
GEOX's mapping uses artificial intelligence and patent-protected algorithms and can provide information on more than 30 building attributes.
This information is of great value to insurers, mortgage, banks, investors, solar energy, cellphone companies, and real estate. The data produced by GEOX will be used hundreds of companies that deal with these fields and will spare the sending of a human surveyor in many cases.
The project will be done in stages, starting in the big cities, Syndey and Melbourne, and will then continue to the smaller towns.
"This is one of the most extensive projects in world in terms of in-depth mapping of residential buildings. The data that is supplied by our technology gives essential information to insurance companies for future risk assessment for the sake of deciding the heights of buildings, tracking changes made to insured properties, the optimal spreading of cellular antennae, evalutaion of electricity output expected from panels on roofs and more. This is a significant step up compared to the other technology currently in use in Australia," said Izik lavy, CEO and one of the founders of GEOX.
He added that the demand for advanced mapping of properties has risen in the past few years due to natural disasters that have caused heavy damages to property.
GEOX was founded in 2018 by Izik Lavi, Eli lavi, and Guy Atar. The company currently has 24 employees and is in the process of expanding.