Archistar, an Australian property intelligence platform, has secured $11 million in strategic funding from NAB Ventures, Skyfield, Skip Capital, and several private investors. The platform aims to simplify the development application process by offering instant feasibility, compliance checks, and concept designs for any site across Australia. This latest funding round comes after the company raised $6 million in a fully-subscribed round in April 2021, which included investment from AirTree Ventures, a venture capital fund.
Archistar, a property intelligence platform founded in 2018 by generative design professional Dr. Ben Coorey, uses artificial intelligence to provide information for property decision-making. Architects, planners, developers, and agents use the software to receive instant information on residential projects that adhere to local planning and zoning rules. The platform allows users to create and assess 3D generative designs, taking into account features like height restrictions, sunlight exposure, and ventilation. Clients include government agencies, Mirvac, Ernst & Young, Brookfield, and JLL. With $11 million in funding from the latest strategic round, Archistar plans to expand its product suite to the residential home market by automating assessments of 3D home design for compliance against planning codes. The Australian government supports this push into the market, and Archistar’s expansion into the US market will start with its first developer client in Dallas. The platform adheres to US planning codes and restrictions, allowing any block of land in Dallas to be instantly assessed for informed property decisions. Archistar has plans to tailor its product to additional states, including Florida, California, North Carolina, Arizona, and Virginia. This expansion will create significant growth opportunities, with up to 10 US-based staff expected to be hired over the next 12 months, led by Vice President Shane Preston. Preston was pivotal in Nearmap’s (ASX:NEA) global sales team, including its US expansion.
Archistar CEO, Dr. Ben Coorey, announced a partnership with NAB Ventures to benefit both companies and enable NAB’s customers to make informed property decisions. The latest round of funding will establish Archistar as a tool for anyone buying or selling property or submitting an application for council approval. Archistar’s platform combines architectural design with artificial intelligence to inform decision-making in the property industry. The product allows architects, planners, and developers to create and assess hundreds of compliant 3D generative designs, considering features like height restrictions, sunlight exposure, and ventilation. Archistar’s vision is to revolutionize the way physical spaces are designed, assessed, and built by becoming the central marketplace for the entire development process. NAB Ventures Executive, Todd Forest, believes that Archistar is a great fit for NAB Ventures, and they look forward to working together to introduce Archistar to their customers. Since its launch in 2018, Archistar has grown rapidly, with clients like Mirvac, Ernst & Young, Brookfield, and JLL.
