Construction software company SmartPM Technologies Inc. has closed its largest investment round yet. It now plans to expand globally and integrate artificial intelligence into its product.
The company received a round of financing from construction firms Nemetschek Group and Zachry Construction Corp., according to a news release. That triggered two convertible notes, one from the end of 2021 and one from the end of 2022, that resulted in a total raise of $4.5 million, SmartPM CEO Michael Pink said.
“Their investments alone give us more credibility in the marketplace, which is important,” Pink said in a statement about the funding. “But we also seek to learn and grow from our new partners as each will bring their own unique experience and vantage points to the table to help SmartPM become a truly world-class product with a global reach.”
Funds from the raise, which also included investments from existing angel investors who Pink declined to name, will go toward expanding the company’s sales and marketing team.
SmartPM plans to grow its staff from around 25 workers to more than 40 by the end of 2024. It also looks to more than double its current customer base of around 115 within two years. It will increase marketing to grow its presence in the South American and European markets.
The most recent investment brings total funding for the construction project analytics company to $7.5 million, based on previous Atlanta Inno reporting.
Nemetschek Group is an investor of construction software companies such as Germany-based Nevaris and California-based Bluebeam Inc. As part of the investment, Nemetschek Senior Vice President of Strategy for the build and construct division Matt Wheelis will join the board of SmartPM.
Zachry Corp. is a heavy and civil construction company based in San Antonio, Texas. The company’s portfolio spans over 5,500 construction projects for customers around the world, according to the company.
Founded in 2016, SmartPM’s technology analyzes construction project timelines and detects possible areas of inefficiency to reduce risk, be more cost efficient and reduce delays. After its most recent investment, the startup will begin leveraging AI to improve decisions made by its customers, Pink said.
In 2021, the Technology Association of Georgia listed SmartPM on its Top 40 Innovative Technology Companies in Georgia. That same year, the Atlanta Business Chronicle ranked SmartPM 19th on its Best Places to Work list for small companies and recognized it as a Startup to Watch.
