Existing investors including AirTree Ventures, Skip Capital, NAB Ventures, and conveyancing software business PEXA (ASX: PXA) have participated in a $5 million fundraising round for proptech Archistar.
The round was jointly led by AirTree Ventures and Skip Capital. Archistar chairman, Prabhat Sethi, also contributed.
AirTree Ventures led Archistar’s $6 million Series A funding round in 2020. The company raised a further $11 million in mid-2022 from NAB Ventures, Skip Capital, Skyfield Capital, AirTree Ventures and individual investors. Founded in 2018, Archistar has now raised a total of $40 million.
Archistar sought the latest funding to meet growing demand for its software from local government agencies in Australia and overseas.
Archistar says its suite of tools support developers, architects and town planners in creating optimal designs that comply with local planning regulations.
The company’s real estate intelligence platform was recently added to the NSW state government’s AI (artificial intelligence) solutions panel. This allows local governments to incorporate Archistar technology in their planning application processes.
In Victoria, Archistar technology is being used to develop an eComply system to assess building designs against the state government’s Small Lot Housing Code. The code was introduced in 2011 to simplify granting development permission for houses on small building lots.
Archistar has sales in the US and Canada and is developing opportunities in other markets including the UK, Saudi Arabia and New Zealand.
Sydney-based Archistar was founded by chief executive Dr Benjamin Coorey and his brother Robert Coorey, chief commercial officer.
Image: Archistar chief executive and co-founder Dr Benjamin Coorey.