Entrepreneur Eric Narcisco is back with a new startup after selling his previous company three years ago.
Narcisco is now the founder and CEO of Tracker, a software company based in the Capital Region that uses artificial intelligence to digitally scan and document rental properties.
Tracker, which is not affiliated with Narcisco's former companies, uses scanning software to create three-dimensional floor plans of rental spaces to document damage for security deposit disputes and damage claims. The scanning can be done with a smartphone.
The software creates a "digital twin" or rendering of the rental space that lives in the cloud. When the space is scanned again, artificial intelligence can compare the images and identify changes, like holes in the walls, different paint, and swapped appliances. It can also estimate the cost of repairs.
"All of these things are just referenceable now between what was originally done and what is done in real time. And both the renter and the leasing agent can both do these things," Narcisco said. "Once that's done, you hit submit. It goes to various large language models, and we bring reports that show you the cost of the hole and for raw materials and for fixing that damage."
The company officially launched last week — its app is currently in beta testing. The technology is propriety, Narcisco said, and has a team of 10 developers working on it. Two of Tracker's employees are based in the Capital Region.
The two main products are for property inspections and property claims that can be submitted to insurers.
Landlords and property managers can pay to use the software as a service. The goal is for Tracker to be free for tenants, Narcisco said.
The company hasn't raised any capital yet, but could in the future.
Narcisco said starting a new company with the latest technology has been made easier as tech giants (such as Google, Facebook and Microsoft) have done a lot of groundwork training AI systems.
"One of the nice parts about starting fresh in the modern world is that if you have a blank slate, you can run really far, really fast," Narcisco said. "If I had an older company with legacy systems and technology debt and other problems and competing interests, it would still be really, really hard."
Narcisco started his previous company — Effective Coverage — in 2009. Effective Coverage sold renters insurance to landlords who would then offer it to tenants. The company then used a software system, LeaseTrack, to manage the insurance of each tenant of the rental company.
He sold that Latham-based business to Baldwin Risk Partners, a public company based in Tampa, Florida, in 2021.
