AIBUILD says its new AI platform can reduce strata administration workloads by more than 60%.
Melbourne-based AI venture builder AIBUILD launched StrataXcel following 12 months of development.
The platform automates invoice processing, bank statement recognition, budget extraction and owners corporation document parsing. A separate portal gives lot owners real-time access to their property’s financial and operational status.
AIBUILD values Australia’s strata sector at $1.3 trillion. More than 368,000 schemes covering 3.1 million lots are currently under management across the country, while strata-titled properties account for more than 15% of Australian homes.
“Strata management in Australia is administratively intensive, highly regulated, and largely running on software that wasn’t designed for the way the industry operates today,” AIBUILD co-founder and CEO Yifei Wang said.
First Victorian clients report lower workloads
StrataXcel is now live with its first Victorian strata management clients. Owners corporation strata manager Wendy Jiang said the platform had reduced the manual workload previously spent on paper-based administration by more than half.
“Setting up a new owners corporation scheme on the platform takes between three and five minutes, and to date, the platform has already processed more than 150 invoices through its AI engine across our entire client base,” Jiang said.
Those figures reflect the experience of the platform’s initial clients. Broader performance data was not provided.
StrataXcel is AIBUILD’s first move into property management technology. The company is headquartered at Melbourne Connect within the University of Melbourne’s innovation precinct and has research partnerships with the University of Melbourne and Deakin University.
AIBUILD plans to refine the platform using feedback from its Victorian clients before expanding nationally. A timeline for the wider rollout was not given.
