Archistart.ai, a Sydney (Australia) based startup, announced on 19th April 2021 that it has raised AU$ 6 million in its series A funding round. The round was led by Skip Capital along with participation from AirTree Ventures.
Investors: Skip Capital is a Sydney based private investment fund founded in 2018 by Kim Jackson. It invests, as it claims, in high growth transformation and technology companies that have a passion to solve big problems. Its investments are not stage-specific as it invests from seed to late stage companies. It is primarily a long term investor and it invests in multiple areas including SaaS, AI, healthtech, wellness, robotics and more.
“We are excited to work with Archistar. They are a phenomenal and passionate team, driven by the vision to simplify property development and design. 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”—Kim Jackson, founder of Skip Capital.
Purpose of investment: The current round of investment would help Archistar.ai to increase the size of its expert team and forge partnerships internationally. Moreover, it would also enable Archistar.ai to support its expansion across key markets in the US and UK, and further develop its technology.
Archistar.ai was founded in 2010 by Benjamin Coorey and Robert Coorey. It essentially leverages AI technology to find development sites, assess their feasibility and suggest architectural designs.
Its business model is primarily based on two main problem statements:-
Firstly, with the passage of time, there is bound to be greater demand for well-designed living and workspaces. According to the estimates of Autodesk, by 2050 over 13,000 buildings will have to be constructed all over the world on a daily basis. And in meeting this demand innovative platforms like Archistar.ai can be helpful.
Secondly, in traditional property development, changes to the design are usually tackled in the middle of the property development process. This, according to the company, prevents major beneficial changes and can increase the development costs manifolds. Archistar.ai on the other hand enables developers to handle almost all of their design work at the beginning of the development process, enabling them to make significant cost cuts.
Since its launch, Archistar.ai has witnessed excellent growth in its revenues. It has garnered contracts with state governments and its platform is used by leading property developers.
What the CEO has to say:
“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. Our highly scalable, world-first technology, is transforming the efficiency of every step in the property development journey for our partners” —Benjamin Coorey, co-founder and CEO of Archistar.ai.
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