Australia-based construction technology firm Mastt has raised $6.5m (A$9.5m) in less than 12 months following its seed round.
With the proceeds, the start-up plans to almost double its headcount and continue expansion overseas.
Venture capital firm OIF Ventures led the seed round, with participation from Assignar co-founder and CEO Sean McCreanor, Assignar chief revenue officer Chris Peterson and Mastt chief technology officer David Jablonski.
The other participants in the round are existing investors Artesian, Significant Early Venture Capital, Investible and Gravel Road Ventures, the venture fund of Aconex co-founders Rob Phillpot and Leigh Jasper.
Following the previous round of investment, the company has expanded into the US and Middle East.
The firm has quadrupled its monthly recurring revenue and its platform is currently used across more than 500 international projects totaling more than $25bn in value.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Mastt co-founder and managing director Doug Vincent said, “Our goal of clearing up the clutter of spreadsheets for large capital & infrastructure projects is resonating with the industry. The last 12 months showed we’re solving a real pain for capital program & portfolio owners”
“This funding helps us capitalise on the huge data potential our platform gives customers to drive predictive decision making and insights. We’ll invest more in machine learning capabilities to help infrastructure portfolio managers make faster decisions, which is a big change considering managers previously made decisions based on over 60-day-old data.”
Mastt’s platform offers real-time analysis of their portfolio and individual projects to capital asset owners. This allows the capital asset owners to take immediate decisions to control cost and time blowouts.
The company’s platform is currently used across more than 500 international projects totaling more than $25bn in value. Credit: Lorenzo Cafaro from Pixabay