Archistar, an Australian property intelligence platform, announced it has closed a $6 million Series A funding round led by AirTree. The company will use the fund infusion to accelerate its international growth and expand its product and engineering team.
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).
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.
“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, Dr 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. It’s a total game changer for the industry,” he continued.
“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,” Dr Coorey said.
Craig Blair, Co-founder and Partner at AirTree 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. 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.”
“Robust businesses and ideas led by capable founders will continue to attract pedigree capital. And, we couldn’t be more delighted to welcome AirTree to the register,” said Chairman of ArchiStar, Prabhat Sethi.
Founded by Dr. Ben Coorey, a globally recognised leader in generative design, Archistar combines architectural design with artificial intelligence to inform decision-making in property. Since launching in 2018, the company 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.
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