Dallas-based TestFit, Inc., a popular maker of an interactive AI-powered real estate feasibility software, has announced this week a USD 20 million Series A financing round by Parkway Venture Capital, bringing the total funding to USD 22 million to date.
TestFit Gains Huge Round
“Pioneers integrated drawings and the model years ago, but the industry has stagnated until recently,” says Clifton Harness, co-founder, and CEO, TestFit. “TestFit is the first and leading company to connect pro forma, construction cost, and asset design in our building configurator software, de-risking decisions and enabling critical time savings when developing new commodity real estate. This new funding will enable us to quadruple down on our product and engineering teams—there is so much opportunity in the market, and we want to be there to create even more value for our customers.”
“With TestFit, we see a disruptor driving a paradigm shift in the real estate industry,” says Gregg Hill, co-founder and managing partner at Parkway VC and TestFit’s newest board member. “Their approach enables teams to kill bad real estate deals quickly. The AI-powered building configurator provides a unique interaction experience, enabling instantaneous control of feasibility studies and pro forma plans. Companies using TestFit’s software will have a serious competitive edge over companies that don’t.”
The 10x-sized second funding round will empower the young startup in the AEC industry to expand and target new problems in AEC, Parkway co-founder Gregg Hill tells Architosh. This will involve targeting new building types where the same AI-powered technology can accelerate early-phase design decision-marking. The funding will also help the company expand to address its headcount needs as the TestFit software continues to gain ground in a hot real estate market in the United States.
Hills tells Architosh that there is a massive shortfall of multifamily housing in the United States. CBRE estimates that only 300,000 units will be delivered in the year 2022, yet there is countrywide demand for 500,000 units.