Smart building feasibility software startup bridging PropTech, DesignTech, and ConTech raises round to refocus industry on real estate development outcomes
TestFit Inc., the maker of interactive AI-powered real estate feasibility software, announced $20 million in Series A financing led by Parkway Venture Capital, bringing the total company financing to $22 million to date. TestFit will use the funding to expand 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.
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“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.”
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Real estate development has been booming in recent years, especially for multifamily and light industrial properties. CBRE estimates that for multifamily properties, 300,000-plus units will be delivered in 2022, which is 200,000 units short of country-wide demand. 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 300 million square feet per year for the next 3-4 years.
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