Dono, an AI-powered homeownership verification platform, has successfully secured $3.7 million in funding to transform the real estate industry's capability to instantly verify homeownership. This round was led by lool Ventures, with participation from Boston-based Link Ventures, at inc/, Recursive Ventures, and prominent founders from Lemonade, Melio, and Empathy, alongside other angel investors.
Dono's platform enables stakeholders like title professionals, investors, developers, and builders to instantly verify property titles and interact with relevant documentation. The platform integrates large language models, advanced data retrieval, and modern machine learning capabilities to help users interact with data packages and clarify property statuses and legal standings. This AI-powered title assistant is designed to complement, not replace, title professionals by speeding up preliminary checks, improving title examination processes, and enabling self-service title capabilities.
Title insurance is an essential piece in any U.S. real estate transaction, safeguarding against financial loss due to defects in real property titles, the invalidity of mortgage loans, and any claims that might impact transactions. The U.S. title insurance market, crucial in protecting Americans' most valuable assets, is valued at $35 billion annually.
“The United States real estate sector has been plagued with ambiguity and lacks the modern tools and technology to support those dependent on property data”, Says Tali Gross, CEO and co-founder of Dono. “The U.S. land registration system's inconsistencies and data accessibility poses a direct risk to the largest asset pool in the U.S., valued at over $70 trillion. In fact, the annual expenditure on ownership verification is close to $30 billion and is on a growth trajectory. By leveraging advanced AI, Dono not only enhances accuracy and efficiency in real estate transactions but also significantly reduces costs for all parties involved.”
Dono retrieves and processes public records related to individuals and properties from a variety of sources. By employing multiple large language models (LLMs), Dono effectively extracts and indexes this diverse data, which includes hundreds of document formats and thousands of unique data points. This streamlined approach empowers real estate professionals to enhance their operational efficiency, expedite decision-making, and ensure both accuracy and consistency in their work.
"Dono addresses one of the most significant challenges in the American real estate market: the question of property ownership. Dono’s product leverages advanced AI technology to provide precise answers to this critical issue in real-time, streamlining the entire real estate transaction process”, says Maya Szutan Azoulay, partner at lool ventures. “We recognized the unique capabilities, knowledge, and experience of the team from our very first meeting. We are thrilled to support Tali, Eyal, and Ron as they scale their vision and work towards a transformative change in the U.S. real estate industry."
The company emerged from stealth mode today with the launch of its title production platform in Florida. Since the beginning of the year, Dono has secured multiple agreements with leading real estate firms, including national agencies, investment firms, production shops, and a title underwriter. Dono enables its partners to conduct instant title searches and updates, boasting an impressive average turnaround time of less than an hour.
Founded in 2023 by Tali Gross (CEO), Ron Likvornik (CTO), and Eyal Stern (COO), Dono is composed of 14 team members across Tel Aviv and the U.S., including industry veterans such as former WFG Production COO Kevin Beach, former big-four underwriter executive Tim Padgett, and title product expert Dave Daley, who serve as advisors.
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