Archistar’s product combines architectural design with artificial intelligence to inform decision-making in property
Archistar founder and chief executive, Dr. Ben Coorey. (Credit: National Australia Bank Limited)
Australian property intelligence platform Archistar has announced an $11 million strategic funding round led by NAB Ventures as it looks to streamline the development application process by providing instant feasibility, compliance checks and concept designs for any site across Australia.
Skyfield, Skip Capital and a range of private investors were also included in this funding round, which was finalised in recent months.
This follows Archistar receiving $6 million in funding in a fully-subscribed round in April 2021, which included investment from VC fund AirTree Ventures.
Founded in 2018 by generative design expert Dr. Ben Coorey, Archistar’s product combines architectural design with artificial intelligence to inform decision-making in property.
Used by architects, planners, developers and agents, the software gives instant information on the type of residential 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.
Its clients span the public and private sectors, and include the likes of Mirvac, Ernst & Young, Brookfield, JLL and government agencies.
The funding from the latest round will be used to expand Archistar’s product suite to the residential home market, allowing the automatic assessment of 3D home design for compliance against planning codes. Archistar’s push into this market is being supported by leading government agencies across Australia, who are keen to achieve efficiencies in the planning system.
It will also support Archistar’s expansion into the US starting with the Dallas market where it has signed its first developer client. The business has spent the last 12 months updating its platform to adhere to US planning codes and restrictions, which means that any block of land can now be instantly assessed by customers in Dallas to make informed property decisions. This has been enabled through strategic relationships with US property data providers First American, BCI Build Central and Nearmap.
Over the next 12 months, there are plans to tailor Archistar’s product to additional states, including but not limited to limited to Florida, California, North Carolina, Arizona and Virginia.
Archistar’s expansion into the US presents a significant growth opportunity, and to capture this up to 10 US-based staff will be hired over the next 12 months. The US team will be led by Vice President, Shane Preston who recently joined Archistar having been pivotal in Nearmap’s (ASX:NEA) global sales team, including its US expansion.
Archistar chief executive Dr Ben Coorey said: “We’re very pleased to partner with NAB Ventures and to have formed a partnership that will benefit both organisations, and importantly, allow NAB to explore how they can enable their customers to make informed property decisions.
“The funding from our latest round will establish Archistar as the tool for anyone looking to buy or sell property or submit an application to council for approval. Our system ultimately enables more thoughtful designs and reduces the cost burden associated with making changes deeper into the design process, and this is proving hugely popular with our clients.
“Longer term, our vision is to revolutionise the way physical spaces are designed, assessed and built. We want to become the central marketplace for the entire development process by providing digital tools that transform efficiency at every step of the journey,” Dr Coorey said.
NAB Ventures Executive, Todd Forest said: “Through our bankers’ relationships with customers, we understand how important it is to have access to quality insights when it comes to making decisions about property developments. We’re really impressed by the capability in Archistar’s platform and believe this is a great fit for NAB Ventures. We look forward to working with Archistar, introducing them to our customers, and looking at further opportunities to work together.”
Source: Company Press Release