Construction technology startup Mastt has raised $9.5m (AUD) less than 12 months after its seed round, as it aims to almost double its headcount and continue expansion abroad.
Mastt’s other existing investors such as; 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.
Mastt’s quick market growth
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 infrastructure projects is resonating with the industry. The last 12 months showed we’re solving a real pain for capital program & portfolio owners,” said Doug Vincent co-founder and Managing Director of Mastt.
“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 eases decision making for asset owners
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.