Dallas-based TestFit announced Tuesday that it secured $20 million in funding to grow its AI-powered building configurator technology, which helps real estate developers, architects and urban planners configure site plans and evaluate development proposals for multi-family, commercial and industrial building projects.
Clifton Harness, the company’s co-founder and CEO, said in a statement that TestFit is the first company to connect pro forma, construction cost and asset design onto one software that helps users save time and make less risky decisions when undertaking real estate development projects.
The Series A funding round, led by Parkway Venture Capital, brings the company’s total financing to date to $22 million.
With fresh funding in hand, TestFit plans to increase its employee headcount from 20 people to between 45 and 50. Harness said he specifically plans to quadruple the size of the product and engineering teams.
Gregg Hill, co-founder and managing partner at Parkway VC, said in a statement that TestFit allows teams to quickly recognize a bad real estate deal.
“The AI-powered building configurator provides a unique interaction experience, enabling instantaneous control of feasibility studies and pro forma plans,” Hill said. “Companies using TestFit’s software will have a serious competitive edge over companies that don’t.”