Toronto-based artificial intelligence (AI) startup Workorb has closed $2.6 million CAD in seed financing to advance its automation product for the architecture, engineering, and construction (AEC) industry.
The round, which consisted of SAFE agreements that closed over the summer, was led by Greece-based venture firm Metavallon Ventures, with participation from Freedom of Innovation Ventures, and other undisclosed individuals.
CTO Nilesh Bansal told BetaKit that Workorb currently has “a number of leading firms” in the AEC sector.
Workorb develops AI tools for customer-facing teams in the AEC industry. Its tools are designed to automate non-billable tasks, such as drafting proposals, managing professional relationships, and extracting compliance requirements from large documents. It does this by reading documents, designs, and drawings, and automating data ingestion, organization, and data cleaning.
Workorb was founded by AI researchers CEO Nick Koudas and CTO Nilesh Bansal, whose business relationship dates back to their research that focused on unstructured data, text mining, natural language processing, and machine learning, which led them to found marketing startup Sysomos in 2008.
Sysomos developed text analytics and machine learning technologies for user-generated content. Workorb’s co-founders claim the product was used by companies like Coca-Cola, McDonalds, Apple, Google, and Intel.
Sysomos was acquired by Marketwire in 2010, after which Koudas and Bansal departed the company. In 2015, Sysomos split into an independent company, before being acquired again by Meltwater in 2018.
After leaving Sysomos, Koudas and Bansal founded marketing automation platform Aislelabs, which developed machine learning algorithms for customers like IKEA, Cadillac Fairview, and the Dallas Mavericks.
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With Workorb, Koudas and Bansal are looking to bring their AI chops to the AEC industry. In a statement announcing the fundraise, the co-founders said AEC companies sit on large amounts of disorganized data, which can prevent companies from adopting AI.
“Historically, this sector has been slow to adopt digital technology, mainly due to the lack of solutions that can handle its complex workflows with minimal tolerance for error or omission,” the co-founders wrote. “Workorb is directly addressing this with a platform that cleans the data and prepares it for AI-powered solutions.”
Bansal told BetaKit that Workorb has “a number of leading firms” in the AEC sector using its product as design partners, though he declined to disclose figures or names.
“These firms rely on Workorb as a primary tool for their business development workflows, including [requests for proposals] and proposal drafting,” Bansal added.
Koudas and Bansal said 2025 will be a pivotal year for Workorb as the team focuses on expanding its business development efforts and continuing to refine the product.
“We’re thrilled to have the support of two visionary partners: Metavallon VC and Freedom of Innovation Ventures, both of whom specialize in early-stage companies with the potential to transform entire business sectors,” Koudas and Bansal said in their announcement.
“Their confidence strengthens our belief in the transformative impact we can have on the AEC industry.”
Feature image courtesy Workorb.