Construction tech startup with manufacturing applications Mercator AI raises $3.75M USD in seed funding
by CM Staff
Mercator AI plans to broaden its solutions to business development, operations, and marketing professionals across construction, real-estate, and manufacturing.
Co-Founders, Chloe Smith & Hogan Lee are breaking new ground with Mercator AI, the first industry intelligence tool for construction.
CALGARY — Mercator AI, a real-time construction intelligence platform, announced that it has raised $3.75 million USD and successfully oversubscribed its seed round to accelerate growth. Freestyle Ventures and Builders VC co-led the financing, bringing Mercator AI’s total raised to $4.46 million USD since its inception in October 2020.
The newly-completed seed round also saw support from a consortium of other investors, including Standup Ventures and Zacua Ventures, with participation from The51, and Dustin DeVan (former CEO of Building Connected), alongside other notable angel investors.
“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.
With the newly raised funds, Mercator AI will try and further expand into 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.
Business development workflows within the construction industry are still highly manual, with many firms relying on existing relationships and rudimentary research to identify new project and partnership opportunities. This approach is slow and arduous, often leading to missed opportunities with companies learning about upcoming projects far too late.
“The magic in construction happens when we collaborate early on, get stakeholder input at the onset, and optimize for the best outcome together. That’s what we enable with Mercator AI,” said Chloe Smith.
Over the next 24 months, Mercator AI will accelerate the development of their early project detection tool to support pre-construction teams with macro industry insights, competitive intelligence, and client monitoring tools.
Mercator AI is a tool that analyzes millions of construction activities from conception through to post-construction. Across commercial and industrial projects, Mercator AI identifies signals of early construction activity, reveal who’s involved, and surface personalized, viable opportunities to its users as-they-happen.
