Deal: Canibuild has completed an $8 million Series A funding round, following its launch two years ago. The start-up uses artificial intelligence to enable builders determine a site’s suitability to locate and build a house, pool, granny flat or shed in real-time.

Area: Capital markets

Value: $8 million

Key players: The Bartier Perry team consisted of partner Greg Blewitt, senior associate Eric Kwan and associate Claire Perry.

Deal significance: The property technology sector, Mr Blewitt said, is “growing rapidly”.

“For canibuild they’ve got a team that has hands-on experience of both the building and tech sector so perhaps unsurprisingly their product has resonated quickly with builders in particular,” he said.

“It’s always exciting to work with clients on game changing transactions and the amount raised highlights just how much interest and engagement there is around what canibuild is doing.”

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Canibuild founder and chief executive Timothy Cocaro added: “Canibuild helps both builders and their clients to instantly understand what can be done on a block of land. Physical site visits, drafting, surveying, estimating and a complex series of high friction steps are reduced to a point in time transaction through a digital environment, rather than going back and forth for weeks, we give users the ability to see the project site virtually and contract instantly.

“This funding round will enable us to continue to grow the product and the range of people who can access and use it.”