VEERUM secures $3.9 million seed round to increase construction productivity
April 9, 2018 (Calgary, AB, Canada)-
VEERUM, a Canadian startup tackling a global, epidemic problem that sees $1.6 trillion wasted every year through capital project cost and schedule overruns, today announced closure of a seed round led by Brick & Mortar Ventures. Additional funds will come from Blackhorn Ventures, Creative Ventures and strategic investors from Alberta, Canada.
The financing will be used to drive VEERUM’s expansion into the United States and adapt solutions tested in the energy industry to other, large-scale industrial projects, such as facility construction and mining.
VEERUM is already working with a number of large, Canadian energy clients as well as Wood and GE. One client enabled by Digital Twin technology halved their project schedule—without compromising accuracy—while others have experienced cost savings up to 43%.
“We’re proud to announce VEERUM is joining our portfolio, they’re an outstanding team of construction technology experts using a Digital Twin platform to add value through higher productivity in the industry. We welcome their team to our portfolio of innovators disrupting how we design, construct and manage our built environments,” said Curtis Rodgers, Principal, Brick & Mortar Ventures.
“Blackhorn Ventures is pleased to invest in VEERUM. The company brings a unique combination of world-class, technical expertise in data organization and analysis, along with its principals’ deep industry experience managing capital projects to solve an important problem for the construction industry. As part of our due diligence, we learned VEERUM’s clients report millions of dollars of savings on each project from eliminated or greatly reduced on-site rework by using their Digital Twin platform and services,” said Raymond Levitt, Operating Partner, Blackhorn Ventures.
According to Alastair Trueger, Founding Partner at Creative Ventures, “As a society, we need to ensure that critical industrial projects can be completed safely, cost effectively and quickly – especially against the backdrop of severe shortages of skilled labor. We’re excited to work with VEERUM to change the math on the future of the industry.”
Steve Fisher, VEERUM CEO and Co-Founder states, “To join this eminent group of investors is a big win for us. They are genuine partners and thought leaders for the construction industry and our company missions truly complement each other. To meet the world’s needs for new and existing infrastructure we must accelerate solutions to make projects financially viable, safer and on schedule.”
VEERUM provides the ability to dynamically optimize a project throughout the entire lifecycle of design, fabrication and construction.
The Digital Twin platform creates a virtual replica of a physical project or environment that can be used to simulate, operate, and analyze, while also building a single source of project truth by generating trustworthy, actionable information to base decisions upon.
Project teams can view mismatches between plan and reality while tracking progress via a web browser, Computer Aided Design (CAD) stations or in Virtual Reality.
VEERUM brings certainty to capital project delivery. Founded in 2014 by Amit Varma, Scott Benesh and Steve Fisher, the company is a participant in Zone Startups Calgary, a Ryerson Futures and GE Canada accelerator. VEERUM has also received support in Canada’s innovation ecosystem through Alberta Innovates, Innovate Calgary, Kinetica, NRC-IRAP, and TECTERRA.
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