Name: Parafin 3D
Location: Chicago, IL
INDUSTRY – Real Estate Software
Size: $7.7Bn worldwide in 2015.
Projection: Expected to grow beyond $9Bn by 2022.
Parafin 3D, a real estate startup, has developed a technique using Artificial Intelligence (AI) that “designs like an architect and thinks like a developer.” The AI generates multiple site designs within given constraints and then uses “natural selection” to choose the most optimal design.
Parafin 3D sells a computer software that uses AI to help design optimized building designs quickly. Its proprietary technique called Value-Integrated Parametric Design(VIPD) uses generative design algorithms to create thousands of designs for a particular site.
Each design is tied to a development budget and a financial model, allowing developers to assess the best performing designs in minutes. The software is “specifically created for real estate developers engaged in the acquisition and development of commercial real estate projects.”
Origin and Founding Team
CEO Adam Hengels has a background in real estate finance and development. He has also previously overseen the development operations of C-Suites by H.ME, and founded a residential real estate development company in Chicago. Hengels is a licensed Professional Engineer in the state of California and has a Masters in Real Estate Development from MIT. These are in addition to an MS in Structural Engineering from the Illinois Institute of Technology and a BS in Civil Engineering from the University of Illinois at Chicago.
COO Brian Ahmes started his career with HKS Architects and helped co-found the HKS Line Studio after completing his studies from the Savannah college of Art and Design. He also co-founded the H.ME, a firm in the hospitality sector.
The team has recently added Ryan Gathman, who has previously been associated with HKS and O’Brien Architects. A founding member of HKS Line Studio, he has a masters in Architecture.
Performance and Trends
We were unable to find any publicly reported performance figures for Parafin 3D. However, Parafin 3D was one of the four finalists in the Elmspring Accelerator program. Hengels has also claimed that the company has raised an undisclosed angel round.
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