Development planning proptech tops up runway with $5 million

A proptech startup used by governments and leading property developers has raised $5 million.

Six-year-old Archistar was backed by existing investors NAB Ventures and Kim Jackson’s Skip Capital, with PEXA chair Prabhat Sethi also chipping in.

The startup has now raised $40 million since it was founded in 2018, including $6 million in April 2021 in a round led by  AirTree and Skip Capital. AirTree also led 2020’s $6 million Series A.

Archistar is a 3D generative design platform combining architectural design with artificial intelligence for users to click on land to see what can be built, factoring in aspects such as light, ventilation and privacy.

It’s be used by agents, developers, architects, government planners and individual landholders to maximise land use on residential and commercial projects, having injested on local planning and zoning rules to ensure compliance.

It hopes to become a central marketplace for development.

Its clients include the NSW and Victorian governments, engineering firm Aurecon,  Domain.com.au, and developers Frasers and Stockland.

 The startup has built a strong North American presences and now generates a majority of its revenue from government clients.