TestFit has raised $20 million in a Series A funding round led by Parkway Venture Capital. This brings total funding to date for the startup to $22 million, according to a company statement.
TesetFit is an artificial intelligence (AI) enhanced software platform that aims to help developers etc. determine which projects to pursue. The feasibility service is designed to drive better outcomes by integrating property management, construction and design into a single platform.
Clifton Harness, co-founder and CEO, TestFit, says the property development industry has stagnated in recent years in regards to technology:
“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.”
Gregg Hill, co-founder and managing partner at Parkway VC – who will join the TestFit board, said the service provided by TestFit will “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.”
TestFit’s configurator tool aims to assist real estate developers, architects, urban planners etc. in solving site plans in “seconds.”