When Ori Ohayon bought his first house, he spent around $5,000 on settlement costs, legal fees and title fees. He knew other homeowners were in the same boat, and he aimed to find a faster and less expensive way to obtain a title for a property. “We wanted to create a product that was preemptive and automatic, and we ended up with Titl, which is really an automated title process,” said Ohayon.
Ohayon and Tory Ricalis founded Titl in 2022 and the Miami-based property technology startup went live this past January. “The process of buying a house will feel as seamless as buying a box of tissues on Amazon – you shouldn’t have these kinds of lags when it comes to such a big investment,” said Ohayon.
Ricalis’ background is in real estate development and construction. Ohayon was a sales and trading analyst at Goldman Sachs and oversaw blockchain-powered solutions for securities settlements at TD Securities. He also helped develop Metaverse Group’s first NFT platform. “We said, why don’t we try to use the same tech that I was using in blockchain but to innovate real estate?” And with that idea, they began to automate the process of title transfers, saving customers a lot of money.
Titl is a team of 10 people in tech, marketing and sales. The startup is raising seed funding and presented at last month’s Florida Venture Capital Conference in Miami. “It was the first time we got an opportunity to showcase Titl in front of a big crowd,” said Ohayon. Titl also was a semi-finalist at eMerge Americas this year, and it is part of a growing proptech sector in South Florida.
Titl now serves customers in Florida, but “we’ve built it in a way that it can work in almost any state,” Ohayon said. “If we successfully scale that, we’ve created a digital land registry that’s never existed.”
The reason title fees are so expensive, according to Ohayon, is because title information isn’t truly digitized. Titl uses Google’s Gemini and Open AI to “parse, filter, and analyze vast amounts of land registry documents with speed and precision,” according to their website. For blockchain, Titl uses the Polymesh Network, to store and secure land registry data and property records. “It’s an AI model that scrapes every public repository and reads it on its own and then it spits out the answers and we submit that to the user,” he said of Titl’s technology. “We take all that information and store it on a blockchain, so it creates a centralized database.”
With 99.5% accuracy, the AI uses intricate image-to-text recognition because many of the original documents are handwritten or have stamps on them.
Titl charges $299 for an individual report or $200 per report with a monthly subscription. Ohayon said its closest competitors charge nearly $1,000.
In addition to making the transfer of titles cheaper, it streamlines getting title insurance and mortgages because the data is finally digitized. “You have a massive time saver,” Ohayon said, adding that Titl produces the requested document in less than four minutes.
Pictured at the top of this post are Titl’s co-founders Tory Ricalis, CEO, at left, and President Ori Ohayon.
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