Augmenta, a Toronto, Canada-based company automating building design for the construction industry, announced that it raised $11.75 million in a seed extension round to commercialize the company’s groundbreaking design platform for the construction industry.
The investment was led by Eclipse, with participation from Hazelview Ventures, BDC Capital’s Deep Tech Venture Fund, and Suffolk Technologies. The investment brings Augmenta’s total funds raised to date to US$15.85 million.
With the fresh funds, Augmenta plans to double its team over the next nine months across engineering, sales, and support. The company will also use the investment to build on the momentum that the company has achieved to date.
Augmenta is on track to commercialize the Electrical System Design (ESD) module of its groundbreaking Augmenta Construction Platform (ACP) in Q1 2024. The ESD module generates fully constructible, code-compliant designs of electrical raceway routing for electrical engineers and contractors.
The company is also planning to expand into adjacent markets with the development of plumbing and mechanical modules.
“Our vision is to completely disrupt an element of the construction industry that has remained largely unchanged for decades,” said Francesco Iorio, CEO of Augmenta. “Building on the success of the ESD beta program that is currently underway, we are very well positioned to scale these initial tests as pilots and begin generating revenue as we prepare for our expansion into adjacent markets.”
Company: Augmenta
Raised: $11.75M
Round: Seed Extension
Funding Month: June 2023
Lead Investors: Eclipse
Additional Investors: Hazelview Ventures, BDC Capital’s Deep Tech Venture Fund, and Suffolk Technologies
Company Website: https://www.augmenta.ai/
Software Category: Building Design Platform
About the Company: Founded by pioneers of Generative Design at Autodesk, Augmenta is a software company that is disrupting and driving a new level of efficiency for the construction industry by automating building design. The company’s flagship Augmenta Construction Platform (ACP) significantly accelerates the time it takes to detail and estimate designs, eliminates costly redesign and rework, and reduces overall risk. It also ensures buildings are designed to be energy efficient, use sustainable materials, are safer to build, and contribute less waste to landfills during construction. This innovative new cloud-based platform uses artificial intelligence, including machine learning and mathematical optimization.
Source: https://www.businesswire.com/news/home/20230621955156/en/Augmenta-Raises-US11.75-Million-in-Seed-Extension-to-Disrupt-the-Construction-Industry-Through-Automated-Building-Design