April 11, 2023
Mercator AI, a Calgary-based proptech that analyzes construction activities just raised $5.1 million CAD in an all-equity seed round. The over-subscribed round was led by Freestyle Ventures and Builders VC.
Mercator AI aims to help streamline business development workflows within the construction industry, which is still highly manual. Oftentimes, business development is done through word-of-mouth in the construction industry, which could perhaps lead to missed opportunities, as contractors and companies learn about a potential project later than they would have liked. Mercator AI can identify signals of early construction activity, indicate who the parties are, and provide support to pre-construction teams with information that they could use.
Mercator AI will use the new capital to continue its expansion to the US and Canada in 2023, where the company is currently operational in Vancouver, Toronto, and Los Angeles, among other cities. As Chloe Smith, CEO of Mercator AI said, “The magic in construction happens when we collaborate early on, get stakeholder input at the onset, and optimize for the best outcome together.” This is what Mercator AI is on its way to doing.