Sydney, 16 May 2023: More than ever, technology and artificial intelligence has accelerated innovation in all sectors of work. Artificial Intelligence, with its ability to analyse vast amounts of data, identify patterns and make predictions, is disrupting the status quo in every market, and the property market is no exception. For years, the architecture and property industry has been innovating to find a way to get ahead of the transformation, and the platform leading the transformation is Archistar.
Archistar’s revolutionary platform combines architectural design with artificial intelligence to inform decision-making in property. The technology, which has already received significant investment attention, transforms how buyers, developers, architects and governments plan, design and build property with the entire planning, approval and development process all on a single digital platform.
Archistar uses AI to revolutionise how the property sector works
Founded by Dr Benjamin Coorey, an architect with a PhD in 3D generative building design and an interest in artificial intelligence, Archistar uses AI to quickly assess the planning rules and restrictions, create design concepts and run feasibilities, saving months of work. The proptech begun as an industry tool for property professionals in Australia to find opportunities, size up development sites and understand planning controls in an instant, modernising a process that can take months.
A core component to the platform’s achievement are the partnerships that the company maintains with leading companies in the sector including CoreLogic and Domain, ensuring that the platform is loaded with reliable and trusted data to ensure the best end-to-end experience. Archistar chairman and former managing director of Murdoch Media, Prabhat Sethi has suggested that the company is open to continue exploring strategic partnerships, noting that “Our partnerships are crucial to our mission of revolutionising the property landscape. Strategic partnerships allow the company to find new ways to achieve value”
The technology has proven to be a winning success, with revenue surging from $2.3 million in 2020 to over $7.2 million in 2022. An $11 million funding raise in 2022 backed by NAB Ventures, Skip Capital, Skyfield, AirTree Ventures and other private investors, facilitated the opening of Archistar’s first U.S office in Dallas, with the plans to continue launching across the United States and Canada, as the platform grows.
As the technology grows becoming industry’s go-to property tool, further investment is also on the horizon, with Mr Sethi stating that “The investment community has been watching Archistar’s growth and mission closely. The company continues to receive significant interest for funding, which validates our potential and the confidence placed in the platform”.
Archistar has just launched a free platform to unlock the potential of property for the public
With a background in education, Archistar’s founder and CEO Dr Coorey believes that bringing knowledge to the public is crucial and has launched a free platform in Archistar for the public to unlock the potential of property. By making the fundamentals of feasibility instant, the public will now have free access to more efficient and informed development and planning, through the tool which is already trusted by property professionals in Australia and the United States.
The free platform allows users to make informed decisions before buying property, by exploring any city in Australia and virtually examining every plot of land. The technology uses over 25,000 data sources, loaded from government and data partners, to find and assess opportunities 30 times faster than traditional methods, giving users crucial information to identify risks, such as if the land is located in a flood or bushfire zone, as well as basic planning rules.
With planning codes across all of Australia digitised, the platform is on track to becoming the go-to research tool for buyers, transforming the complex and confusing task of investing into property into a straightforward task.
The technology has also been set up in Texas in the United States and is gearing up to launch in up to 15 more cities across North America, with Dr Ben Coorey reflecting that the platform has the potential to drive even more change in the United States, where zoning rules are less centralised and consistent than in Australia. On the U.S. market, Dr Coorey noted that “the United States is a lot bigger than Australia and every city has different rules and regulations, making the property process more complex. Archistar has the opportunity to simplify and streamline the process, just as it has done in Australia”.
Governments across Australia and North America are using Archistar to battle undersupply issues
Beyond placing the knowledge in the public’s hands, Archistar is also working with governments across Australia and North America to streamline and accelerate the development process. As governments across Australia and North America struggle with an overdemand for property, Archistar is working with leading governments to support the supply side and provide more housing by streamlining developments.
Having worked with local governments across Australia, and been approached by leading North American governments, Dr Coorey reflects that the pressure for housing affordability is not unique to Australia, but “is relevant to all these markets”, with the company able to take the learnings from Australia and drive change across North America.
Governments across Australia and the United States, as well as in New Zealand and Canada, need technology to streamline and fast track developments in order to support the growing demand for housing, with Dr Coorey reflecting that “working with government allows us to impact greater change as we can improve the process for the whole community”. This belief is also echoed by chairman Mr Sethi, who highlighted that Archistar is “leading the work to support governments in tackling the housing supply and unaffordability crisis that is being experienced across Australia and North America”.