{"id":23935,"date":"2023-12-15T14:36:50","date_gmt":"2023-12-15T22:36:50","guid":{"rendered":"https:\/\/essential.construction\/news\/testfit-the-maker-of-an-ai-powered-building-configurator-gets-20-million-funding\/"},"modified":"2023-12-15T14:36:52","modified_gmt":"2023-12-15T22:36:52","slug":"testfit-the-maker-of-an-ai-powered-building-configurator-gets-20-million-funding","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/testfit-the-maker-of-an-ai-powered-building-configurator-gets-20-million-funding\/","title":{"rendered":"TestFit, the Maker of an AI-Powered Building Configurator, Gets $20 Million Funding"},"content":{"rendered":"

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TestFit Inc.<\/a>, the maker of an interactive AI-powered real estate feasibility software, has announced $20 million in Series A financing led by\u00a0Parkway Venture Capital<\/a>, bringing the total company financing to $22 million.<\/p>\n

TestFit\u2019s building configurator helps real estate developers, architects, urban planners, and more to solve site plans in seconds. Development deals for multifamily, commercial, and industrial building types can be rapidly evaluated with TestFit.<\/p>\n

\u201cPioneers integrated drawings and the model years ago, but the industry has stagnated until recently,\u201d says Clifton Harness<\/strong>, co-founder, and CEO, TestFit. \u201cTestFit 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\u2014there is so much opportunity in the market, and we want to be there to create even more value for our customers.\u201d<\/p>\n

A TestFit Demo<\/figcaption><\/figure>\n

The business drivers<\/h2>\n

Real estate development has been booming recently, especially for multifamily and light industrial properties. CBRE estimates<\/a> that for multifamily properties,\u00a0300,000-plus units\u00a0will be delivered in 2022, which is 200,000 units short of country-wide demand.<\/p>\n

At the same time, demand for logistics and warehouse space to serve online shopping has driven the development of local distribution centers and reshoring of inventory. Warehouse demand is expected to exceed\u00a0300 million square feet\u00a0per year for the next 3-4 years.<\/p>\n

Funding for growth and improved outcomes<\/h2>\n

TestFit will use the funding to expand the delivery of better outcomes for their customers, made possible by their integration of property management (PropTech), construction planning (ConTech), and design technologies (DesignTech) into a unified enterprise platform for commodity real estate development.<\/p>\n

\u201cWith TestFit, we see a disruptor driving a paradigm shift in the real estate industry,\u201d says Gregg Hill<\/strong>, co-founder and managing partner at Parkway VC, and TestFit\u2019s newest board member. \u201cTheir 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\u2019s software will have a serious competitive edge over companies that don\u2019t.\u201d<\/p>\n