Australian property intelligence platform Archistar has secured additional funding.
The announcement:
Australian property intelligence platform Archistar has secured $6 million in funding to support the rapid growth of Archistar’s expert teams and key partnerships internationally.
The funding round was led by Skip Capital, a private investment fund that focuses on high growth technology companies and VC fund AirTree Ventures. AirTree doubled down on their investment as an existing shareholder of Archistar having led the company’s Series A round in March last year.
Since launching in 2018, Archistar has doubled revenue year on year and has won significant contracts with state governments. Archistar works with the Victorian government to demonstrate how planning approvals could be automated, and is adopted by the NSW Government to run simulations on housing forecast models. Archistar is used by many of Australia’s leading property developers, including Stockland, Frasers and Simonds Homes.
Founded by Dr. Benjamin Coorey, an Architect with a PhD in 3D generative building design, Archistar combines architectural design with artificial intelligence to inform decision-making in property. Used by Government, architects, planners, developers and agents, the software platform gives instant information on the highest and best use residential and commercial projects allowable on any development site in Australia based on local planning and zoning rules. It allows professionals to create and assess hundreds of compliant 3D generative designs, exploring features like height restrictions, exposure to sunlight and ventilation.
Dr Benjamin Coorey said the investment would help further accelerate the company’s expansion across key markets in the UK and US, whilst continuing to develop the groundbreaking eComply automatic development assessment technology.
“Our vision has always been to transform the way cities are designed, assessed and built, and we’re pleased to say that we are achieving this as more property professionals and governments are increasingly embracing our digital tools. Our highly scalable, world-first technology, is transforming the efficiency of every step in the property development journey for our partners,” said Dr Coorey.
“We’ve experienced incredible growth in the last twelve months, and with this additional funding, we anticipate that even more milestones will be hit in overseas markets. We’re excited to see where this next growth chapter takes us,” he added.
Skip Capital founder Kim Jackson said she saw the investment as a great opportunity to invest in a company disrupting the property industry.
“We are excited to work with Archistar. They are a phenomenal and passionate team, driven by the vision to simplify property development and design. Their innovative solutions have the power to transform the entire property industry globally. The team has created a central hub for property data, which is helping property professionals to more easily find sites matched to their needs. On top of this, Archistar is innovating with 3D generative design, and we believe the partnership with the Victoria State government to demonstrate how planning approval processes could be automated in certain geographies is extremely exciting, and a sign of the future,” said Ms Jackson.
Craig Blair, Co-founder and Partner at AirTree and Archistar board member said Archistar was already changing the future of design.
“It’s been exciting to see Archistar continue Australia’s proud tradition of world leading innovation in property and development. Ben and his team are reimagining the design, planning and approval process using Machine learning and we are thrilled to double down on our investment to support the next chapter of growth,” said Mr Blair.
Archistar Chairman Prabhat Sethi said: “We’re delighted to welcome yet another banner investor, in Skip Capital, to the register. This investment will underpin Archistar’s expansion into the United States and United Kingdom, where the company will combine highly scalable, world-first technology with key partnerships to continue its rapid customer growth.”
Archistar has the most comprehensive planning rule database in Australia, offering an end-to-end solution for planning, design, feasibility and compliance in the one platform.
The company continues to gain traction in the government sector and with leading home builders. Notable partners include the NSW Government, Victorian Government, Aurecon, Jacobs, Domain.com.au, Frasers, Stockland, Simonds Homes, and JLL.
Source: PR Newswire
