Archistar, an Australian platform for real estate intelligence, has secured a $6 million investment to expand its qualified groups and foreign associations. The financing was led by Skip Capital, a private equity fund focused on high-growth generation corporations, and AirTree Ventures venture capital fund. AirTree doubled its investment as Archistar’s existing shareholder after leading the company’s Serie A in March last year.
Since its launch in 2018, Archistar has doubled its revenue annually and won primary contracts with state governments. The company is working with the Victorian government to demonstrate how plan approval can be automated and is being followed by the New South Wales government to run simulations in housing forecast models. Archistar is used by many leading asset developers in Australia, including Stockland, Frasers, and Simonds Homes.
Founded by Dr. Benjamin Coorey, an architect with a Ph.D. in 3-D generative construction design, Archistar combines architectural design with artificial intelligence to facilitate decision-making in real estate. Used by government, architects, planners, developers, and agents, the software platform provides instant data on maximum usage and productive use of residential and advertising projects at any stage of development in Australia, based on local manufacturing plans and zoning rules. It allows professionals to create and compare compatible 3-D generative design loads, exploring features such as height constraints, sun exposure, and ventilation.
Dr. Benjamin Coorey has announced that a new investment will propel the expansion of Archistar, the real estate technology company, into key markets in the United Kingdom and the United States. The funding will also enable the further development of the company’s eComply automatic progression assessment technology. Dr. Coorey stated that Archistar’s vision is to reshape the way cities are designed, evaluated and built, and with increasing adoption of its virtual tools by real estate professionals and governments, the company is making genuine progression towards this goal.
The recent growth of Archistar over the past year is set to continue with the new financing, according to Dr. Coorey, who added that he is excited to see where the company’s next expansion will take them. Kim Jackson, founder of Skip Capital, believes that investing in Archistar represents an opportunity to support a company that is revolutionizing the real estate sector through its innovative solutions. The company’s central center for real estate data is helping professionals to find sites more efficiently and automate plan approval processes, making it an exciting prospect for the future of the industry.
Craig Blair, co-founder and partner of AirTree and a board member of Archistar, praised the company’s innovative approach and its contribution to the cutting-edge innovation in the Australian real estate and development sector. Blair expressed enthusiasm for doubling the investment to help the company achieve its next growth phase. Archistar President Prabhat Sethi welcomed the investment from Skip Capital and said that it will enable the company to expand globally by combining highly scalable technology with key partnerships.
Archistar currently holds the most comprehensive plan creation rules database in Australia, offering a single platform for end-to-end solutions for planning, design, feasibility, and compliance. The company has gained recognition in the government sector and among major housing builders, including notable partnerships with the governments of New South Wales and Victoria, Aurecon, Jacobs, Domain.com.au, Frasers, Stockland, Simonds Homes, and JLL.
