Toronto-based Brickeye, a construction-focused internet of things (IoT) and data analytics company, has secured the first $5 million CAD tranche of its convertible debt financing round led by BDC Capital with its IP-backed Financing Fund.
The funding round consists of two $5 million CAD tranches. Brickeye said in an email statement to BetaKit that the company closed the first tranche in July and the second is available “when and if needed.”
BDC and Graphite Ventures were first-time Brickeye investors, each securing a board observer role, while GreenSky Ventures, Brightspark, EDC, and MaRS Investment Accelerator Fund, participated in the round as return investors. Brickeye said it intends to grow its risk mitigation and productivity platform with the funding.
“Brickeye has enormous potential to positively disrupt the construction and insurance industries…as well as reducing the environmental footprint of construction sites”
-Anne-Marie Bourgeois, partner at BDC Capital
Brickeye was founded in 2014 and acquired by AOMS Technologies in 2021, eventually merging into one entity under the Brickeye name in early 2022. Upon the acquisition, Tim Angus was appointed as president and CEO.
“We are excited about the opportunities that lie ahead as we continue to innovate and empower the construction industry with our technology,” Angus said. “This investment round reaffirms our commitment to providing game-changing solutions that reduce risk and drive productivity, ultimately benefiting everyone involved in construction projects.”
The company’s IoT offerings provide construction companies with job site monitoring, intelligent alerts and analytics, and smart automations. These offerings are meant to help general contractors, owners, developers, and insurance providers mitigate risk on high-rise building and infrastructure construction projects.
There has been some activity in the construction-focused tech industry in 2023. Calgary’s Vitruvi, which offered geospatial information system-based software, was acquired for an undisclosed amount by Denver-based Bow River Capital in July.
In March, another Calgary proptech startup, Mercator AI, raised $5.1 million CAD in an all-equity seed round to develop its construction intelligence platform for business developers.
Anne-Marie Bourgeois, a partner at BDC Capital for intellectual property-backed investment, said in a statement that Brickeye’s IP strategy will be an important asset in its growth journey.
“Brickeye has enormous potential to positively disrupt the construction and insurance industries with its job site IoT platform which optimizes data capturing, risk management, productivity, as well as reducing the environmental footprint of construction sites,” Bourgeois said.
Brickeye said it has secured approximately $12 million in dilutive funding to date, not including the second tranche of its new round.
Feature image courtesy Brickeye.