Australian Property Intelligence Startup Archistar Bags US$6M In Series A Funding Round

archistar

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

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Off-Chain vs. On-Chain Crypto Transactions: Which One Is Better?

Off-Chain vs. On-Chain Crypto Transactions: Which One Is Better?

Knowledge is power; when it comes to cryptocurrency, the more you know, the better financial decisions you will make. There is a lot to learn within the cryptocurrency space, such as how the different layers of blockchain technology work and which blockchain has the fastest transaction speed. Another important thing you need to know regarding blockchain transactions is the differences between off-chain and on-chain transactions—and which one can save you more money!

5 Essential Tricks to Master Microsoft Excel

5 Essential Tricks to Master Microsoft Excel

Microsoft Excel (MS Excel) is a must-have for any business. It is a powerful spreadsheet software application that allows users to store, organize and analyze data. While Excel is fairly easy to use, it can be tricky to become an expert. Don’t know where to start? We have compiled a list of easy-to-follow hacks that will help you become a pro at Excel!

Top Three Weirdest Mobile Game Advertisements

Top 3 Weirdest Mobile Game Advertisements

Whether on YouTube or Instagram, I’m sure you all must have seen at least one mobile game advertisement. One common trope with today’s mobile game advertisements is that they tend to mislead their audience.
You might have come across these weird ads while scrolling through social media: In the ad for the strategy game “Game of Sultans”, a sultan is fat-shaming his daughter; in the match-three puzzle game “Lily’s Garden” ad, women use washing machines as vibrators.

The Maximalist Fashion Trend Where Did It Come From and Where Is It Going

The Maximalist Fashion Trend: Where Did It Come From and Where Is It Going?

If you Google “maximalist fashion”, you will be swamped with dressing guides dedicated to this “the more, the better” trend published by leading fashion magazines in 2022. Rapidly gaining popularity in the last couple of years, maximalist styles are breaking out of the runway of an Haute Couture fashion show, a red carpet event or a K-pop performance to conquer streets in high fashion neighborhoods.

How Is Technology Influencing the Food and Beverage Industry

How Is Technology Influencing the Food and Beverages Industry?

Food waste, sustainability and animal cruelty are some of the biggest challenges facing the food and beverage (F&B) industry nowadays. Like any other sector, the industry is dipping its toe into technology and innovations to seek solutions. While we are already seeing more food tech solutions in our everyday lives, like plant-based meat alternatives and food waste management startups.