Deutsche Bank's asset management division DWS Group has announced it has entered into a strategic partnership with AI-powered real estate asset manager Skyline AI and become a minority shareholder in the company.
Skyline AI was founded in 2017 and has offices in Tel Aviv and the US. The company uses AI and machine-learning technology to provide data-driven insights to property and data to help clients identify real estate investments. Skyline AI can source, analyze, acquire, manage and sell institutional-grade real estate investment opportunities throughout the US.
The company has a number of backers including Sequoia Capital, JLL, Nyca Partners, TLV Partners and has received a reported $18m in its series A funding round.
Pierre Cherki, board member and co-head at DWS, said that in becoming a partner and shareholder in Skyline AI, DWS would be able to leverage its product capabilities to support clients and further invest in real estate opportunities.
"Collaborating with an early-stage company which uses AI to bolster efficiency and enhance the real estate investment process supports our overall aim of pursuing value for our clients through comprehensive and innovative investment strategies," Cherki stated.
Additionally, Skyline AI said that DWS's real estate research team, in collaboration with Skyline AI's data scientists, would work to develop Skyline AI's technology.
According to Skyline AI co-founder and CEO Guy Zipori: "The commercial real estate market is on the cusp of a seismic change, and those who are agile enough to adopt new strategies and technologies are going to shape the new economic reality.
"As one of the largest players in the industry, DWS has the innovative spirit to lead the market in the adoption of advanced technology," he added.