)
"We believe the partnership with the Victoria State government to demonstrate how planning approval processes could be automated in certain geographies is extremely exciting, and a sign of the future," says Skip Capital founder Kim Jackson.
An Australian technology that combines architectural design with artificial intelligence for development planning has today been buttressed by a $6 million funding round, including participation from Skip Capital and AirTree Ventures.
Founded by architect Dr Benjamin Coorey in 2018, Archistar's platform is used by many of Australia's leading property developers such as Stockland, Frasers, JLL and Simonds Homes, while in the past year revenue has doubled on the back of significant contracts with state governments.
Dr Coorey says the investment, which follows a Series A round in March 2020 that was also led by AirTree, will help further accelerate Archistar's expansion across key markets in the UK and US, whilst continuing to develop the groundbreaking eComply automatic development assessment technology.
The software is used by government, architects, planners, developers and agents to access instant information on the highest and best use projects allowable on any development site in the country 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.
The company has a wide scope of applications, as Archistar works with the Victorian government to demonstrate how planning approvals could be automated, and the software is adopted by the NSW Government to run simulations on housing forecast models.
"Our vision has always been to transform the way cities are designed, assessed and built, and we're pleased to say that we are achieving this as more property professionals and governments are increasingly embracing our digital tools," says Coorey, who has a PhD in 3D generative building design.
"Our highly scalable, world-first technology, is transforming the efficiency of every step in the property development journey for our partners.
"We've experienced incredible growth in the last twelve months, and with this additional funding, we anticipate that even more milestones will be hit in overseas markets. We're excited to see where this next growth chapter takes us."
Coorey says the group is delighted to welcome yet another banner investor, in Skip Capital, to the register.
"This investment 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," he says.
Skip Capital founder Kim Jackson - who is married to Atlassian co-founder Scott Farquhar and whose fund has invested in the likes of Canva, Work180, Culture Amp, Harrison AI and Qwilr - says she saw the investment as a great opportunity to invest in a company disrupting the property industry.
"We are excited to work with Archistar. They are a phenomenal and passionate team, driven by the vision to simplify property development and design," says Jackson.
"Their innovative solutions have the power to transform the entire property industry globally. The team has created a central hub for property data, which is helping property professionals to more easily find sites matched to their needs.
"On top of this, Archistar is innovating with 3D generative design, and we believe the partnership with the Victoria State government to demonstrate how planning approval processes could be automated in certain geographies is extremely exciting, and a sign of the future."
Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.Business News Australia
)
