Last Updated on March 27, 2023 by Construction Digest
Mercator AI, a Calgary-based proptech startup, has raised $5.1 million CAD ($3.75 million USD) in an all-equity seed round as it continues to develop its revolutionary construction intelligence platform.
The real-time construction intelligence platform is designed to mine and analyze millions of data points across commercial and industrial projects, providing early signals of construction activity, and enabling developers to find and qualify new business opportunities faster.
The platform’s unique feature is its focus on business developers in construction, real estate, and manufacturing, providing them with a comprehensive view of early construction projects across different regions, regardless of the construction company involved.
Mercator AI’s construction intelligence platform is part of a growing industry, with incumbents and startups alike offering data and analysis for construction companies.
However, its ability to provide a comprehensive view of early construction projects across different regions sets it apart from the competition.
The startup plans to use the funding to expand its operations in the United States and Canadian markets in 2023 and grow its headcount.
Additionally, it plans to accelerate the development of its early project detection tool to support pre-construction teams with macro industry insights, competitive intelligence, and client monitoring tools.
The funding round was led by Freestyle Ventures and Builders VC and was oversubscribed. Existing backers of Mercator, such as Standup Ventures and The51, also participated, along with new investors like Zacua Ventures.
Other investors included Dustin DeVan, former CEO of Building Connected, and other angel investors.
Mercator AI has raised $4.46 million USD in total funding, including a $1 million CAD pre-seed round in June 2022. Its other backers include Mallorie Brodie, CEO of the project construction platform Bridgit, and Stephany Lapierre, CEO of the AI supply chain procurement startup TealBook. The platform is currently live in seven markets, including Calgary, Edmonton, Vancouver, Toronto, Los Angeles, San Francisco, and Austin.