TestFit Inc. has become the latest entrant in the booming market for real estate and construction technology to raise significant funding.
The Dallas-based company today announced a $20 million Series A financing round to develop its real estate feasibility software. That brings total funding for the six-year-old venture to $22 million.
TestFit’s building configurator helps real estate developers, architects and others involved in real estate planning to generate plans quickly for commodity structures such as multifamily, commercial and industrial buildings. That allows feasibility studies to be conducted more quickly.
Co-founder and Chief Executive Clifton Harness said he got the idea for the application while working in real estate development. “I hated drawing parking spaces manually as an architect and I figured the industry spent millions on that one task each year,” he said. Observing that architecture, engineering construction and real estate teams are typically not very integrated, he said, “our goal is to make the process more collaborative.”