Construction Tech Startup Mercator AI To Accelerate Growth With $3.75M USD In Seed Funding
Calgary, Alberta, March 21, 2023 (GLOBE NEWSWIRE) -- Mercator AI, a real-time construction intelligence platform, today announced that it has raised $3.75 million USD and successfully oversubscribed its seed round to accelerate growth. Freestyle Ventures and Builders VC co-led the financing, bringing Mercator AI’s total raised to $4.46 million USD since its inception in October 2020.
The newly-completed seed round also saw support from a consortium of other high-profile investors, including Standup Ventures and Zacua Ventures, with participation from The51, and Dustin DeVan (former CEO of Building Connected), alongside other notable angel investors.
“We are incredibly grateful for the support of our investors and to have had the opportunity to raise earlier than we planned. To be joined by such talented and influential industry leaders is a testament to the strength of our mission and the hard work of our team over the past 8 months,” said Chloe Smith, CEO and Co-founder of Mercator AI.
With the newly raised funds, Mercator AI is poised to accelerate its expansion into US and Canadian markets in 2023. The funding will also allow Mercator AI to grow its team, thus accelerating the development of its platform to refine its current early project detection offering. Furthermore, Mercator AI plans to broaden its solutions to business development, operations, and marketing professionals across construction, real-estate, and manufacturing.
Business development workflows within the construction industry are still highly manual, with many firms relying on existing relationships and rudimentary research to identify new project and partnership opportunities. This approach is slow and arduous, often leading to missed opportunities with companies learning about upcoming projects far too late.
“The magic in construction happens when we collaborate early on, get stakeholder input at the onset, and optimize for the best outcome together. That’s what we enable with Mercator AI,” said Chloe Smith.
Over the next 24 months, Mercator AI will accelerate the development of their early project detection tool to support pre-construction teams with macro industry insights, competitive intelligence, and client monitoring tools.
Mercator AI is the first industry intelligence tool for construction that analyzes millions of construction activities from conception through to post-construction. Across commercial and industrial projects, Mercator AI is able to identify signals of early construction activity, reveal who’s involved, and surface personalized, viable opportunities to its users as-they-happen. Mercator AI’s data-first platform gives business developers a view they’ve never had before and the tools to make better decisions, faster.
To learn more about Mercator AI and its real-time construction intelligence platform, visit their website and start a two-week trial.
To stay up to date on Mercator AI news, make sure to follow the company’s LinkedIn page.
For more information and to schedule an interview with Mercator AI’s CEO, Chloe Smith, please contact Madhu Dhanapal at firstname.lastname@example.org.
About Mercator AI:
Mercator AI is a real-time construction intelligence platform enabling business developers across construction, real estate, and manufacturing to find and qualify new opportunities faster. By mining and analyzing millions of data points across commercial and industrial projects, Mercator AI is able to identify signals of early construction activity, reveal who’s involved, and tie this active project information back to rich company profiles. Their mission is to give business developers more time to do what they do best, and support them with the insights they need to have informed and productive conversations. More at mercator.ai
About Freestyle Ventures:
Freestyle is an early-stage venture capital firm with over $565M AUM and investments in over 155 technology companies including Airtable, Intercom, Patreon, and BetterUp. General Partners David Samuel and Jenny Lefcourt are serial entrepreneurs and business operators with more than 25 years of technology experience. Freestyle was founded in 2009, being one of the first firms to specialize exclusively on seed-stage companies, be composed of founders turned VCs, and proactively work to improve diversity in the industry. More at freestyle.vc
About Builders VC:
Builders VC is an early-stage venture capital firm with $450MM of AUM focused on investing where technology meets new business models to modernize antiquated industries including healthcare, agriculture, industrials and real-estate. Its thesis involves applying technology and new business models to sectors where the percentage of IT spending vs. revenue is minimal. In these sectors, there exists a significant gap between what is technically possible versus what is presently implemented. More at builders.vc
About Standup Ventures:
StandUp Ventures is a Toronto-based, seed stage venture capital fund focused on investing in high growth ventures with at least one female founder in a key leadership role. We believe that women led companies think outside the box, recruit great talent, and serve bigger markets. We invest in seed-stage, for-profit technology companies with at least one woman in a C-level leadership position within the company and an equitable amount of ownership. We're dedicated to curious, confident, and fearless entrepreneurs building ground-breaking technology companies. We partner with ambitious founders across Canada to break through from Seed to Series A. More at standupvc.com
About Zacua Ventures:
Zacua Ventures is an early-stage VC focused on investments in the Built Environment at a global scale. We partner with top-tier corporates in this space across every aspect of the value chain and enable our portfolio companies to connect with them seamlessly. We drive value and accelerate growth for our partners and entrepreneurs through access to innovative technologies, strategic insights into emerging trends and unrivaled scalability through our network of industry leaders. More at zacuaventures.com
The51 is a Financial Feminist™ platform where current and aspiring investors (particularly women* and gender-diverse* individuals), come together to democratize access to capital for women and gender-diverse founders. By driving capital and commercialisation, The51 builds mutual wealth and social/environmental impact, shares knowledge and experiences and practices intersectional feminism through financial action. Our community of influential feminist investors, innovators, and consumers are building the Financial Feminist™ economy. (*When we say “women” we mean all individuals who identify as women. Transgender women are women. The51 is built by women for everyone.) More at the51.com