Australian property intelligence platform Archistar has closed a $6 million Series A funding round led by AirTree to accelerate its international growth and expand its product and engineering team.
Archistar will join AirTree’s portfolio of Australian technology companies, including Canva, Secure Code Warrior and Pet Circle. As part of the investment, Craig Blair, Co-founder and Partner at AirTree, will join the board.
Founded by Ben Coorey, pictured above, Archistar 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.
“Property professionals and governments are rapidly embracing digital tools to enable efficient and informed development. We’ve seen our revenue triple over the last 12 months,” said Founder and CEO of Archistar, Ben Coorey.
“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.”
Since launching in 2018, Archistar has signed leading real estate groups including LJ Hooker, Ray White and Harcourts, along with developers, engineering and architectural firms like Mirvac, GPT Group, Stockland, CBRE, Hassell and Aurecon.
Archistar is one of the first companies to work with the New South Wales, Queensland and Victorian governments to integrate their services into the nation’s spatial digital twin programs.
The company has also been approached by property sales agents to use the product for digital display and in recent days, US partners looking to optimise the process of turning sports stadiums into temporary hospitals.
The investment from AirTree will underpin Archistar’s expansion into the United States and United Kingdom, where the company will combine highly scalable, world-first technology with key partnerships to continue its rapid customer growth.
“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 industry by providing digital tools that transform efficiency at every step of the journey,” Coorey said.
“With world leading expertise in geometric design and deep domain knowledge in architecture, Ben is the type of founder we love to back. 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,” said Craig Blair, Co-founder and Partner at AirTree.
“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.”
Archistar’s early stage investors include former Chairman of REA and CEO of NewsCorp Australia Peter Tonagh, former CoreLogic Managing Director Graham Mirabito, former CBRE Australasia President Tom Southern and former Managing Director Murdoch Media Prabhat Sethi (who is also Chairman).