The proptech startup says its revenue has tripled over the last 12 months
Australian property intelligence platform Archistar has raised $6 million in a Series A funding round led by AirTree Ventures, according to a company statement published on April 14. As part of the investment, AirTree Co-founder and Partner Craig Blair will join Archistar’s Board of Directors. The company plans to utilize the latest funds to expand globally, starting with the U.S. and U.K., and ramp up hiring to expand its product and engineering teams.
The early stage startup is also backed by notable investors including former Chairman of REA Group and Chief Executive Officer (CEO) of NewsCorp Australia Peter Tonagh, former CoreLogic Managing Director Graham Mirabito, former CBRE Australasia President Tom Southern and former Managing Director of Murdoch Media, and Prabhat Sethi, who is currently Archistar’s Chairman.
Founded in 2018 by Dr. Ben Coorey, an architect with a PhD in generative design, Archistar combines architectural design with artificial intelligence to enable informed decision-making in property.
Archistar’s software provides instant information on the type of residential projects allowed on any development site in Australia, based on local planning and zoning rules, and allows professionals to create and assess hundreds of compliant 3D generative designs, exploring features like height restrictions, exposure to sunlight, and ventilation.
“Our platform provides a solution to both parts of the problem, understanding the rules and then testing what designs are suitable,” said Coorey in an interview with Australian Financial Review.
“In an industry that has often relied on instinct, door knocking and back of the envelope calculations, our users can now access planning rules, find off market opportunities and conduct feasibility studies in a matter of seconds, all from our one platform. It’s a total game changer for the industry,” he continued.
With the rapid adoption of technology in real estate, tools like Archistar’s have seen growth in recent years. According to Coorey, Archistar’s revenue has tripled over the last year.
Since its inception, Archistar has already signed real estate clients including LJ Hooker, Ray White, and Harcourts, along with developers and engineering or architectural firms like Mirvac, GPT Group, Stockland, CBRE, Hassell and Aurecon.
“Longer term, our vision is to revolutionize the way physical spaces are designed, assessed and built. We want to become the central marketplace for the entire development industry by providing digital tools that transform efficiency at every step of the journey,” Coorey said.
AirTree’s Blair added, “The Archistar team have built a truly unique platform that is reshaping the design, development and planning process for marquee customers and partners in Australia, the UK and the USA. The future of design will look very different to today when AI is combined with unique data sets and we are excited to partner with Ben and the Archistar team on their journey.”
Header Image Courtesy of Archistar