Mercator AI, a Calgary, Alberta-based real-time construction intelligence platform, announced a successfully oversubscribed $3.75 million seed round to accelerate growth, bringing Mercator AI’s total raised to $4.46 million since its inception in October 2020.
The round was co-led by Freestyle Ventures and Builders VC, with 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.
With the newly raised funds, Mercator AI is poised to accelerate its expansion into the 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.
“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.
Mercator AI is the first industry intelligence tool for construction that analyzes millions of construction activities from conception through to post-construction.
Over the next 24 months, Mercator AI 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.
Company: Mercator AI, Inc.
Round: Seed Round
Funding Month: March 2023
Lead Investors: Freestyle Ventures and Builders VC
Additional Investors: Standup Ventures, Zacua Ventures, from The51, and Dustin DeVan
Company Website: https://www.mercator.ai/
Software Category: Real-time Construction Intelligence
About the Company: 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.