SK D&D and Yanolja Cloud have set up a joint venture focused on proptech as they look to leverage technology in the real estate industry. The new entity, called SKY Works, is expected to provide comprehensive solutions for the proptech industry, from property management to demand forecasting. The partnership is set to benefit from SK D&D’s industry know-how and Yanolja Cloud’s technological expertise.
Proptech is an industry that has seen a significant rise in interest in recent years as it involves the use of technology to streamline processes and reduce costs in the real estate industry. The rise of proptech has been driven by the need for greater efficiency and transparency in the real estate industry, along with the growth of the sharing economy and the rise of smart buildings.
SK D&D is a subsidiary of SK Group, one of South Korea’s largest conglomerates. It specializes in real estate development and construction, with a focus on creating smart buildings. Yanolja Cloud, on the other hand, is a subsidiary of Yanolja, a leading hotel and travel booking platform in South Korea. It provides cloud-based solutions for the real estate and hospitality industries.
SKY Works is expected to bring together the expertise of these two companies to provide innovative solutions for the proptech industry. The new entity will focus on areas such as smart buildings, property management, and demand forecasting. It will also develop technologies that can enable real estate companies to better understand their customers’ needs, preferences, and behaviors.
The joint venture is timely, as the proptech industry is expected to grow significantly in the coming years. According to CB Insights, venture capital investment in the proptech sector hit a record $24.6 billion in 2020, up from $14 billion in 2019. The rise of proptech has also been driven by the COVID-19 pandemic, which has led to greater demand for contactless transactions and remote work capabilities.
SKY Works is set to leverage this growth and demand for proptech solutions to become a leading player in the industry. By combining SK D&D’s experience in real estate development and construction with Yanolja Cloud’s expertise in cloud-based technology, the joint venture is expected to provide comprehensive solutions for the proptech industry.
In summary, SK D&D and Yanolja Cloud have set up a joint venture called SKY Works focused on proptech solutions. The new entity will leverage the expertise of both companies to provide innovative solutions for the real estate industry, including smart buildings, property management, and demand forecasting. With the proptech industry set to grow significantly in the coming years, SKY Works is well-positioned to become a leading player by providing comprehensive solutions for real estate companies.