Mastt To Fund International Expansion Aspirations With Latest Funding
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Mastt To Fund International Expansion Aspirations With Latest Funding

CIO Review

Mastt has raised $9.5 million to expand its international operations.

FREMONT, CA: “Our goal of clearing up the clutter of spreadsheets for significant capital & infrastructure projects resonates with the industry. The last 12 months showed we're solving a real pain for capital program & portfolio owners,” states Doug Vincent, Mastt’s Co-founder and Managing Director.  Mastt, a construction technology business, has received $9.5 million less than a year after raising its seed round to nearly double its personnel and expand internationally.

The financing was led by venture capital firm OIF Ventures, with participation from Sean McCreanor, Co-founder and CEO of Assignar, Chris Peterson, Assignar's Chief Revenue Officer, and Mastts' Chief Technology Officer, David Jablonski.

“This funding helps us capitalize 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,” adds Vincent.

Existing investors Artesian, Significant Early Venture Capital, Investible, and Gravel Road Ventures, the venture capital fund founded by Aconex co-founders Rob Phillpot and Leigh Jasper, also participated in the round heavily oversubscribed.

Since Mastt's recent round of funding, the company has expanded remotely into the United States and the Middle East. Monthly recurring revenue has doubled, and the company is currently used on over 500 global projects worth more than $25 billion.

Mastt has retained employment with the Australian Army, Aurecon, and Jacobs Engineering and with the Department of Foreign Affairs and Trade (DFAT), engineering firms WSP and GHD, and Sydney Metro Airports.

Often dubbed the "new Aconex," Mastt presently employs over 40 people globally and plans to add another 15 product, engineering, and sales positions over the next six months.

Mastt’s platform enables capital asset owners to gain visibility and real-time data across their portfolio and individual projects, making quick decisions to avoid the cost and schedule overruns. Historically, this method necessitated the collation of hundreds of papers and spreadsheets. Mastt's intelligent algorithms are already automating some of this process, utilizing data to inform smarter decisions and assess project performance across infrastructure portfolios.

Doug, Raman, Jamie and the Mastt team are exceptionally focused, solving major decision-making issues for owners and managers in the massive capital works industry. Construction is one of the least tech enabled industries. As both the construction and tech industries grow we are very excited about their opportunity to increase technology take-up in the market. Mastt is a great example of market leading industry standard Australian technology leading the world and it’s a privilege to partner with them on this journey,” states David Shein, Partner, Our Innovation Fund.

 

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