Mercator AI, a Calgary-based real-time construction intelligence platform, has announced the successful oversubscription of its seed funding round, raising $3.75 million to accelerate its growth.
The funding round was co-led by Freestyle Ventures and Builders VC, with a consortium of high-profile investors, including Standup Ventures and Zacua Ventures, also participating. This brings the total raised by the company to $4.46 million since its inception in October 2020.
With the newly raised funds, Mercator AI aims to expand into the US and Canadian markets in 2023 and grow its team, as well as accelerate the development of its platform to refine its early project detection offering. The company plans to broaden its solutions to business development, operations, and marketing professionals across the construction, real estate, and manufacturing industries.
Mercator AI is the first industry intelligence tool for construction that analyzes millions of construction activities from conception through to post-construction. It provides macro industry insights, competitive intelligence, and client monitoring tools to support pre-construction teams with early project detection.
Over the next 24 months, Mercator AI 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.
Chloe Smith, CEO and Co-founder of Mercator AI, expressed her gratitude for the support of their investors, stating that “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.”
