Archistar, a leading proptech startup utilized by governments and property developers, has raised $5 million in funding
Archistar, a six-year-old proptech startup, has successfully raised $5 million in its latest funding round. The investment was backed by existing supporters NAB Ventures and Kim Jackson’s Skip Capital, along with contributions from PEXA chair Prabhat Sethi. This latest round brings the company’s total funding to $40 million since its inception in 2018.
Archistar’s previous funding rounds include a $6 million raise in April 2021, led by AirTree and Skip Capital. Additionally, AirTree led the $6 million Series A round in 2020. This consistent backing from prominent investors underscores the significant potential and trust in Archistar’s innovative solutions.
At the heart of Archistar’s offering is a 3D generative design platform that seamlessly blends architectural design with artificial intelligence. This cutting-edge technology allows users to click on a land parcel and instantly see the potential developments that can be constructed, taking into account crucial factors such as light, ventilation, and privacy. This functionality is invaluable for a diverse range of users, including real estate agents, developers, architects, government planners, and individual landholders, enabling them to maximize land use for both residential and commercial projects.
One of the key strengths of Archistar is its ability to ingest and integrate local planning and zoning rules, ensuring that all proposed developments are compliant with regulations. This feature simplifies the planning process for users and helps avoid potential legal and regulatory issues down the line.
Archistar’s vision extends beyond just providing a design platform. The company aims to become a central marketplace for development, offering a comprehensive suite of tools and resources that streamline the entire planning and development process. This ambition is reflected in its growing client base, which includes prestigious names such as the NSW and Victorian governments, engineering firm Aurecon, Domain.com.au, and developers Frasers and Stockland.
Moreover, Archistar has successfully established a robust presence in North America, which has become a significant revenue stream for the company. The majority of its revenue now comes from government clients, demonstrating the platform’s utility and reliability in large-scale, public-sector projects.
CEO Robert Coorey emphasized the transformative impact of the platform, stating that Archistar’s mission is to revolutionize the way land is developed. By leveraging AI and advanced design tools, the platform provides unparalleled insights and efficiencies that benefit both the private and public sectors. The latest funding will help accelerate growth and continue to drive innovation.
Looking ahead, Archistar plans to further enhance its platform with additional features and integrations that will provide even more value to its users. The company is also exploring opportunities to expand its reach into new markets and sectors, aiming to solidify its position as a leader in the proptech industry.
The $5 million funding round marks another milestone in Archistar’s journey towards transforming the development planning landscape. With a strong foundation of innovative technology, a clear vision for the future, and the backing of influential investors, Archistar is well-positioned to continue its upward trajectory and make a lasting impact on the real estate and construction industries.
