Prologis Invests in TestFit, Deploys AI Software
DALLAS, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Prologis, the global leader in logistics real estate, has deployed TestFit’s real-time AI to help them better judge the feasibility of new warehouse sites. Prologis Ventures co-led in the Series A round with Parkway Venture Capital, which closed in June 2022, along with an additional investor, Perot Jain. TestFit’s real estate feasibility platform provides insights into design, constructability, and costs in early-stage site planning, and historically has been the gold standard AIsoftware for multi-family, working with 50% of the top 10 multi-family developers today.
Prologis Ventures, the venture arm of the global leader in logistics real estate, has focused its investment strategy on innovative solutions that help solve the most critical pain points in areas such as operations, sustainability, energy and construction. Prologis has been piloting TestFit to give its teams real-time insights on design, evaluation of constructability, and forecasting of costs for new logistics sites.
"Innovation and staying ahead of what's next has been fundamental to our company’s forty-year success,” said Will O’Donnell, Managing Director, Prologis Ventures. “TestFit is a perfect example of how we continually invest in new technologies such as AI that empower our employees.”
“Prologis is a great case study on how meaningful AI can supercharge the feasibility process,” said Clifton Harness, CEO and Co-founder, TestFit. “TestFit has helped existing customers speed up their site planning by as much as ten times. It’s incredible to see the success we’ve seen in multi-family applied in the industrial space.”
TestFit’s Chief Product Officer Kyle Bernhardt will be a speaker at Prologis’s annual thought leadership forum GROUNDBREAKERS on September 27 in San Francisco and streamed globally. Bernhardt will participate on the “The Supply Chain Is Still the Supply Chain, Until AI Steps In” panel.
The partnership between Prologis and TestFit will be profiled in an upcoming webinar titled, “It’s Time to Get AI-Ready in Real Estate Development,” on October 26, hosted by TestFit CEO Clifton Harness and Will O’Donnell, Managing Director, Prologis Ventures.
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