Toronto, Canada-based company automating building design for the construction industry, Augmenta, raised USD 11.75 million in a seed extension round. The funding took place on June 21, 2023. Eclipse led the financing for the company. Meanwhile, Hazelview Ventures, BDC Capital’s Deep Tech Venture Fund, and Suffolk Technologies joined in the seed extension.
So far, the total capital raised by the firm amounts to USD 15.85 million.
Purpose of financing for Augmenta
With the latest capital injection, Augmenta seeks to commercialize the company’s groundbreaking design platform for the construction industry. It also plans to double its team over the next nine months across engineering, sales, as well as support activities.
Meanwhile, the company intends to deploy the investment towards building the momentum that the company has achieved to date. This includes implementing commercial pilots with several electrical engineering firms that are currently participating in Augmenta’s formalized feedback program.
What the company’s official has to say
Francesco Iorio, CEO of Augmenta, said, “Our vision is to completely disrupt an element of the construction industry that has remained largely unchanged for decades. Building on the success of the ESD beta program that is currently underway, we are very well positioned to scale these initial tests as pilots and begin generating revenue as we prepare for our expansion into adjacent markets.”
What the investors have to comment
In addition, Roger Poirier, the co-founder of Hazelview Ventures, said, “Since our initial investment in Augmenta last year, we remain confident that its construction platform is an industry-changing technology. This follow-on investment further reinforces our commitment to the company, and we look forward to our continued work with Francesco and his incredible team.”
Roger Poirier, further continued, “Design is a significant area of opportunity for construction efficiency improvements. By investing in and partnering with Augmenta to apply breakthrough AI to assist skilled building designers and engineers, we will reduce costs and accelerate the delivery of construction projects across the industry.”
About the company
In 2018, Founders Davide Panelli and Francesco Iorio launched the company. The software company is disrupting and driving a new level of efficiency for the construction industry by automating building design. The company’s flagship Augmenta Construction Platform (ACP) significantly accelerates the time it takes to detail and estimate designs, eliminates costly redesign and rework, and reduces overall risk. Currently, the company has a waitlist of nearly 30 companies that have applied to participate in this beta program. It intends to further expand participation through the end of 2023.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
