Following New York Pilot, Real Estate Data Startup Localize.city Raises $8 Million

Real Estate data startup Localize.city has raised $8 million in Series A, bringing its total funding raised to $11 million, the company announced Wednesday.

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The round was led by Israeli venture capitalist Zvi Limon, and by Israeli entrepreneur Avigdor Willenz, the founder of Galileo Technologies Ltd. The latter was bought by Marvell Technology Group Ltd. in 2002 for $2.7 billion. Other participants included Cadence Design Systems President and CEO Lip-Bu Tan, and Noam Gottesman, co-founder of GLG Partners, which was sold to Man Group for $1.6 billion in 2010.

Localize.city was founded in 2016 as the U.S. subsidiary of Israel-based urban data company Madlan. The company draws information from public, commercial and private databases to supply users with insights regarding future building plans, pollution or traffic issues.

In Israel, Localize.city is already collecting several million dollars in annual revenues from real estate brokers and entrepreneurs. After launching its service in New York in April, the company now intends to expand to other U.S. cities.

"We received unusually strong responses from users after the U.S. Launch," Madlan Co-Founder Asaf Rubin told Calcalist in a Wednesday interview. "In April we had over one million insights in the system, with eight out of every ten people choosing to continue to related insights."

The company intends to use the funding to grow and hire additional employees, Mr. Rubin said.

Localize.city currently employs 120 people in Israel and the U.S. Its engine is designed by a 60-person team that includes algorithm developers, data scientists, statisticians, assessors and city planners.