Construction technology startup Mastt has raised $9.5 million as it looks offshore for growth.
The round was led by OIF Ventures, with participation from 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 kicked in.
The raise comes a year after Mastt’s $2.2 million seed round for its overseas expansion, launching into the US and Middle East. The business now has around 40 staff globally, and will add another 15 roles in product, engineering and sales in the next six months.
Mastt is a capital project technology subscription software platform that serves as a nerve centre for project owners managing complex programs and portfolios of construction projects. It’s now being used on more than 500 projects worldwide, 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 business was founded in 2019 by Doug Vincent, Raman Nambiar and Jamie Cerexhe.
Vincent, the managing director, said the past year demonstrated the company’s ability to address a major paint point for the construction sector.
“Our goal of clearing up the clutter of spreadsheets for large capital and infrastructure projects is resonating with the industry,” he said.
“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.”
The platform gives capital asset owners real-time analysis across their portfolio and individual projects to help reduce cost and time blowouts. Mastt’s smart algorithms partly automates that process.
Our Innovation Fund partner David Shein said Mastt is a great example of market leading industry standard Australian technology leading the world.
“Doug, Raman, Jamie and the Mastt team are exceptionally focussed, solving major decision-making issues for owners and managers in the massive capital works industry,” he said.
“Construction is one of the least tech enabled industries. As both the construction and tech industries grow we are very excited about their opportunity to increase technology take-up in the market.”
Assignar CEO Sean McCreanor said he was pleased to back the business for its global ambitions.
“The US capital portfolio management sphere is ripe for disruption and Mastt is primed to fill that gap,” he said