Real-time construction intelligence platform Mercator AI has raised $3.75m USD (c.£3.07m) in new seed funding, money it says it will use to accelerate growth.
Freestyle Ventures and Builders VC co-led the financing, bringing the total raised by the Canada-based contech firm to $4.46m (c.£3.62m) since its inception in October 2020.
The new seed round also saw support from a consortium of other high-profile investors, including Standup Ventures and Zacua Venture, with participation from The51, and Dustin DeVan (former CEO of Building Connected), alongside others.
Chloe Smith, CEO and co-founder of Mercator AI, said: “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 eight months.”
With the new funds, Mercator AI aims to accelerate its expansion into US and Canadian markets.
The funding will also allow Mercator AI to grow its team, it says, accelerating the development of its platform to refine its current early project detection offering.
Further, Mercator AI plans to broaden its solutions to business development, operations, and marketing professionals across construction, real-estate, and manufacturing.
Smith said: “The magic in construction happens when we collaborate early on, get stakeholder input at the onset, and optimise for the best outcome together – that’s what we enable with Mercator AI.”
Over the next 24 months, the contech firm will accelerate the development of its early project detection tool to support pre-construction teams with macro industry insights, competitive intelligence, and client monitoring tools.
Mercator AI says its tool is the first of its kind in construction that analyses millions of activities from conception through to post-construction.
Image: Mercator AI co-founders Chloe Smith and Hogan Lee. Credit: Mercator AI
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