Veterans of the Technology and Real Estate Worlds Join Forces To Build Technology Businesses Serving the Global Real Estate Industry
SINGAPORE, November 16, 2020 – Forty-five veterans of the technology and real estate industries announced today that they have joined forces with four of Asia’s largest property companies and founded REinvent, Asia’s first innovation studio focused on technologies for the real estate industry (property technology or “PropTech”).
REinvent’s mission is to reinvent real estate using its core competencies of technology product development, business model innovation and venture building. REinvent is an in-house, full-time, full-stack technology development organization of 45 people: product managers, product designers, software engineers, AI engineers, and real estate operators based in offices in Singapore, Shanghai and Taipei. As an innovation studio, REinvent’s in-house team invests time and money into a repeatable process that outputs valuable companies that it owns and operates. The goal is for every studio-born startup to become a large and profitable standalone PropTech business.
REinvent is backed by JustCo, the leading co-working company in Asia Pacific, which in turn is backed by some of the biggest property owners in Asia including Singapore sovereign wealth fund GIC, multi-national property developer Frasers Property and one of Japan’s leading real estate companies Daito Trust.
“REinvent believes that the ‘innovation studio’ or ‘venture builder’ model is a better way to create technology for the real estate world. REinvent has two key ingredients: an in-house world class technology organization with proven track record in inventing and commercializing PropTech products, and close relationships with major property companies. These two ingredients minimize the various risks of the startups that we invent, including team risk, execution risk, product market fit risk, and go-to-market risk,” said Dominic Penaloza, CEO of REinvent.
“We are thrilled to support the REinvent journey and look forward to combining the tremendous experience in real estate investment and operations represented by the management teams of JustCo, GIC, Frasers and Daito Trust with a world class technology talent that already owns a unique background in PropTech,” said Kong Wan Sing, Founder and CEO of JustCo.
“REinvent is helping to drive part of the wider digital transformation of the property industry. We’re part of the PropTech movement driving a mentality change within the real estate industry and its consumers regarding technology-driven innovation in data assembly, transactions, and the design of buildings and cities,” said Annie Chang, REinvent’s Vice President of Product Management and Design.
“REinvent believes that the multi-trillion USD global industry has finally reached a tipping point in terms of adopting technology and business model innovation. Various software and hardware technologies including AI have already begun to disrupt the massive and technologically analog industries of real estate and construction,” said Anna Dai, REInvent’s Vice President of Engineering.
“PropTech is at the intersection of technology and the physical world, bringing many additional complexities. REinvent addresses this reality at the DNA level, by having a Go To Market organization comprised of real estate business veterans who understand both real estate and technology product operations,” said Faith Soh, REinvent’s Vice President of Go To Market.
REinvent also announced today that it has launched its first two creations, Switch, the world’s first workspace on-demand platform, and SixSense, software for spatial analytics and social distance detection.
REinvent is Asia’s first innovation studio focused on technologies for the real estate industry (property technology or “PropTech”). REinvent’s mission is to reinvent real estate using its core competencies of technology product development, business model innovation and venture building. REinvent’s in-house invests time and money into a repeatable process that outputs valuable companies. The goal is for every studio-born startup to become a large and profitable standalone PropTech business.
REinvent is an in-house full-time, full-stack technology development organization: product managers, product designers, software engineers, AI engineers, and real estate operators based in offices in Shanghai, Singapore and Taipei. The REinvent team is comprised of experienced veterans from both technology and real estate industries including WeWork, naked Hub, CapitaLand, Google, KE Holdings, Bytedance, Alibaba Cloud, Microsoft, Blackboard, Autodesk, and other leading firms.
For more information, please visit reinventventures.com
© 2020 REinvent. All Rights Reserved.