Construction technology start-up Mastt has raised $9.5 million as it appears to be growing offshore.
The round was led by OIF Ventures, with the participation of Assignar co-founder Sean McCreanor, the company’s Chief Revenue Officer Chris Peterson and Mastt CTO David Jablonski.
Existing investors Artesian, Significant Early Venture Capital, Investible and Gravel Road Ventures also joined.
The increase comes a year after Mastt’s $2.2 million seed round for its overseas expansion, which is launching in the US and the Middle East. The company now has approximately 40 employees worldwide and will add another 15 roles in product, engineering and sales over the next six months.
Mast is a capital project subscription software platform that serves as a nerve center for project owners managing complex programs and construction project portfolios. It is now used on more than 500 projects around the world, with a client base that includes the Australian Army, Aurecon, Jacobs Engineering, the Department of Foreign Affairs and Trade, engineering firms WSP and GHD, as well as Sydney Metro Airports.
The company was founded in 2019 by Doug Vincent, Raman Nambiar and Jamie Cerexhe.
Vincent, the general manager, said the past year has shown the company’s ability to tackle an important paint point for the construction industry.
“Our goal of clearing the clutter of spreadsheets for large capital and infrastructure projects is resonating with the industry,” he said.
“This funding helps us capitalize on the huge data potential our platform offers customers to drive predictive decision-making and insights. We will be investing more in machine learning capabilities to help infrastructure portfolio managers make faster decisions, which is a big change as managers were more likely to make decisions based on data that is more than 60 days old.”
The platform provides capital asset owners with real-time analysis of their portfolio and individual projects to help reduce costs and time wasted. Mastt’s smart algorithms partly automate that process.
Our Innovation Fund partner David Shein said Mastt is a great example of industry-leading, industry-standard Australian technology leading the way globally.
“Doug, Raman, Jamie and the Mastt team are extremely focused on solving key decision-making problems for owners and managers in the large-scale capital works industry,” he said.
“Construction is one of the least technologically supported industries. As both the construction and engineering sectors grow, we are very excited about their opportunity to increase the uptake of technology in the market.”
Sean McCreanor, CEO of Assignar, said he was pleased to support the company in its global ambitions.
“The management of the US capital portfolio is ripe for disruption and Mastt is poised to fill that gap,” he said.