A major real estate family in the city has launched a new tech firm. The Rudin family has created Prescriptive Data, a firm that offers an operating system that analyses a building’s information, including elevator use, occupancy, electricity demand and temperature, according to The Wall Street Journal.

Set to be unveiled this week, the tech company will be separate from the family’s real estate firm, Rudin Management. So far, the system, dubbed Nantum, was created for buildings that the family operates. The Rudins have invested $5 million (£3.40 million) in the startup.