£202.9k Secured for Revolutionising Conveyancing with Blockchain and AI

Summary

ProConvey is pioneering a digital transformation in the conveyancing industry with an innovative blockchain-encrypted platform designed to accelerate and streamline property transactions in England.

Funds Secured

With the expertise of GrantUp, ProConvey has secured £202,929 in Innovate UK Smart Grant funding to develop a cutting-edge digital conveyancing solution.

Introduction to ProConvey

ProConvey Limited is at the forefront of modernising the conveyancing process. By integrating blockchain and AI, ProConvey aims to simplify and secure property transactions, reducing completion times and costs while enhancing data integrity and communication efficiency.

Goal

The primary objective is to create a smart digital platform that automates data collection and leverages blockchain technology to enhance security and reduce errors, significantly cutting down the time and cost associated with traditional conveyancing.

Result

Thanks to the collaboration with GrantUp, ProConvey has obtained crucial funding to advance its platform. This investment is set to revolutionise the conveyancing industry, providing a seamless, secure, and efficient solution that benefits both professionals and clients.

Why They Chose GrantUp

ProConvey selected GrantUp for their exceptional ability to secure funding for forward-thinking projects. GrantUp’s expertise guided ProConvey through the intricate grant application process, leading to successful funding acquisition.

Challenge

The conveyancing process in England is notoriously outdated, taking 8-12 weeks on average and often resulting in failed transactions due to manual data handling and fragmented information systems. Security concerns also contribute to the slow adoption of digital solutions.

Solution

ProConvey is developing a groundbreaking platform that uses blockchain to create immutable and shareable conveyancing packs, integrated with AI-driven automated data collection. This solution not only streamlines the process but also enhances accuracy and reduces errors, ensuring a faster and more secure transaction.

Problem

Traditional conveyancing is heavily reliant on paper-based methods, causing delays and inefficiencies. With the growing need for secure, efficient digital solutions, the market is ripe for innovation.

Opportunity

There is a significant opportunity within the English conveyancing market, which handles over one million transactions annually. ProConvey's solution addresses the critical needs of this market by offering a robust, efficient platform that promises substantial time and cost savings.

Challenge

Integrating advanced technologies like blockchain and AI into the existing legal framework presents unique challenges, including ensuring regulatory compliance and fostering adoption among traditionally cautious stakeholders.

Conclusion

ProConvey's innovative approach, supported by strategic funding, is positioned to transform the conveyancing landscape in England. By addressing the pain points of the current system, ProConvey offers a promising future for faster, more secure property transactions.