Metroc, a Finnish SaaS company developing novel industry-specific AI for the construction industry, has successfully raised €2 million in a new seed funding round led by Lifeline Ventures, along with support from notable angel investors. The new funding marks a significant step forward for Metroc’s growth, as the company already serves 300 customers in Finland and Sweden. This success propels them as they execute their expansion strategy across Europe.
Founded in 2019, Metroc will use the new funding to further develop and scale its market data platform while expanding its presence to other Nordic countries and beyond in Europe. The company is also looking to double down on its team in tech, sales and marketing.
Metroc’s mission is to enhance efficiency and drive growth in the construction industry by addressing the challenges of data fragmentation and accessibility within the sector through its unique data platform. The platform assists companies in finding new project opportunities and effortlessly gaining automatic market analysis, all thanks to its unique ability to autonomously search and gather real-time data, powered by the company’s industry-specific AI language model.
“For a long time, construction industry market data has been incomplete, out of date, and scattered across various platforms, resulting in construction companies being unable to find suitable projects, customers, and partners at the right time – leading to uncertainty for both businesses and end-customers,” said Jussi Virnala, CEO and Founder of Metroc. “Our platform provides clarity to the market for the very first time at this level. In an industry driven by individual projects and competition, and with a high sensitivity to economic fluctuations, the platform provides construction companies with a comprehensive overview of upcoming projects, empowering them to navigate smoothly in this challenging environment.”
Metroc has built the platform to combine public information from thousands of data sources, making it easily comprehensible, accessible and valuable for its customers. The company has trained its own set of language models for two years to meet the specific needs within the construction industry.
“Metroc is a bootstrapped company with immense promise, as witnessed by their great traction and strong growth numbers. Metroc is leading the digital transformation of a traditionally conservative industry, harnessing the full potential of AI. Lifeline Ventures was deeply impressed by their ambition, technical capabilities and successful execution, making it an easy decision to invest in their future growth,” commented Petteri Koponen, Founding Partner at Lifeline Ventures and the lead investor in the seed round.
The team’s profound understanding of the construction and real estate industry, along with its first-of-its-kind industry-specific AI, makes Metroc’s platform truly unmatched in the construction technology market estimated at €5 billion globally.
Read the orginal article: https://www.eu-startups.com/2023/08/helsinki-based-saas-startup-metroc-secures-e2-million-to-develop-ai-for-construction-industry/
