Augmenta, a Toronto, Canada-based company automating building design for the construction industry, raised US$11.75M in Seed Extension.
The round, which brought the total amount to US$15.85M, was led by Eclipse with participation from Hazelview Ventures, BDC Capital’s Deep Tech Venture Fund, and Suffolk Technologies. Concurrent with the investment in Augmenta, Charly Mwangi, Partner at Eclipse, will join the Augmenta Board of Directors.
The company intends to use the funds to double its team over the next nine months across engineering, sales, and support, and implement commercial pilots with several electrical engineering firms that are currently participating in its formalized feedback program.
Led by Francesco Iorio, CEO, Augmenta is a software company that works for the construction industry by automating building design. Its flagship Augmenta Construction Platform (ACP) accelerates the time it takes to detail and estimate designs, eliminates costly redesign and rework, and reduces overall risk. It also ensures buildings are designed to be energy efficient, use sustainable materials, are safer to build, and contribute less waste to landfill during construction.
Once available commercially, this innovative new cloud-based platform – which uses artificial intelligence, including machine learning and mathematical optimization – will enable contractors and engineers to create error-free, constructible, code-compliant designs of buildings and systems in hours instead of weeks.
The company is on track to commercialize the Electrical System Design (ESD) module of its Augmenta Construction Platform (ACP) in Q1 2024. The ESD module generates fully constructible, code-compliant designs of electrical raceway routing for electrical engineers and contractors. The company is also planning to expand into adjacent markets with the development of plumbing and mechanical modules.
FinSMEs
21/06/2023