Construction technology startup Mastt has raised $9.5 million (AUD) less than 12 months after its seed round, as it aims to almost double its headcount and continue expansion abroad.
The round was led by VC firm OIF Ventures, with participation from Assignar co-founder and CEO Sean McCreanor, Assignar Chief Revenue Officer Chris Peterson and Mastt’s own chief technology officer David Jablonski.
Existing investors Artesian, Significant Early Venture Capital, Investible and Gravel Road Ventures, the venture fund of Aconex co-founders Rob Phillpot and Leigh Jasper, also contributed to the heavily oversubscribed round.
Since Mastt’s last round of investment the company has gone on to remotely expand into the US and Middle East. The company has quadrupled its monthly recurring revenue and is now used across over 500 global projects, totalling over $25 billion in value.
“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,” Doug Vincent co-founder and Managing Director of Mastt 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.”
Mastt’s platform provides capital asset owners with transparency and real-time analysis across their portfolio and individual projects, enabling immediate decisions to prevent cost and time blowouts. It’s a process that traditionally required collating thousands of documents and spreadsheets. Now Mastt’s smart algorithms partly automate this process, using data to drive better decisions and benchmark project performance across infrastructure portfolios.
