The German bank’s real estate subsidiary, Deka Immobilien which has €36.3 bn of assets, said it will use Architrave's artificial intelligence technologies for the automatic recognition and sorting of object documents as well as the extraction of document content.

The acquisition price was not disclosed.

'Architrave's digital offering is the ideal solution for us to considerably simplify document-related processes in our real estate business,' said Burkhard Dallosch (pictured), managing director of Deka Immobilien.

'In addition, through our involvement, we support Architrave's collaborative approach to establish an industry-wide data standard for documents and records for real estate objects,' Dallosch added.

'Deka's acquisition is a huge vote of confidence in our company and marks a further milestone in our history. We are very pleased to be actively involved in the further development of the Architrave AI robot Delphi, but also to be driving the digitisation of the entire real estate industry,' said Maurice Grassau, CEO of Architrave.

The Architrave platform data is hosted exclusively in German data centres and is subject to in-house auditing and compliance.Access to the data is restricted to the asset owner. In the event of a change of ownership, a simple transfer of permissions replaces the complicated transition to a new IT environment. ‘This way, formerly complex processes are reduced to a minimum of effort’, explained Grassau.

Together with several asset management companies, Deka Immobilien is promoting uniform data standards for the real estate industry as part of the Real Estate Data Summit (REDS) agenda. In summer 2018, the participants agreed to develop and define a mandatory catalogue of document classes, based on the standards of the German Gesellschaft für Immobilienwirtschaftliche Forschung (Society for Real Estate Research). The aim is to facilitate the exchange of data across the industry, for instance in the case of transactions, using open standards in the classification.