Ontopical, a Calgary, Canada-based data and intelligence platform that helps businesses discover and secure government contracts, raised $3.3 million in a Seed Extension.
SaaS Investors
The round was led by Rhino Ventures and Graphite Ventures, with participation from Accelerate Fund III and a grant from Alberta Innovates.
Rhino Ventures is an early-stage venture capital fund based in Vancouver, BC. With over $200M under management, they've invested in several iconic Canadian companies, including Article, Aspect Biosystems, FISPAN, and Klue.
Graphite Ventures is an early-stage seeding-for-scale venture capital firm that invests in early-stage B2B SaaS, fintech, proptech, digital health, and capital-efficient hardware companies. Graphite launched the $110M Graphite Fund IV in 2021 with a focus on Seed and Series A opportunities across Canada.
Ontopical Use of Funds
The company plans to use the funding to further develop its AI-driven intelligence platform, expand its business across North America, and triple its team over the next two years, hiring data engineers, data scientists, AI/ML specialists, and new sales and marketing team members.
About Ontopical
Ontopical is a data and intelligence platform to help businesses discover and win government work. Its AI-driven data platform enables business development leaders in engineering and construction, telecommunications, technology, health services, and other industries to efficiently identify and win new opportunities. Users gain access to credible, organized insights on government plans, policies, and activities mined from publicly available data, updated daily across millions of council and committee agendas, minutes, budgets, and plans, including over 125,000 video hours of government meetings. Ontopical is headquartered in Calgary and has remote employees across North America.
Funding Details
Company: Ontopical, Inc.
Raised: $3.3M
Round: Seed Round Extension
Funding Month: September 2023
Lead Investors: Rhino Ventures and Graphite Ventures
Additional Investors: Accelerate Fund III and Alberta Innovates
Company Website: https://ontopical.com/
Software Category: AI-enable Local Government Software
Source: https://www.prnewswire.com/news-releases/ontopical-secures-3-3-million-to-attract-quality-service-providers-to-public-works-contracts-and-create-more-transparency-301927355.html