Construction tech company myComply closes $4.5m seed round to expand its workforce management solution
myComply, a Saskatchewan-based of IoT technology and cloud-connected software for the construction industry, landed its final capital to close its seed round investment at a total of $4.5 million. The seed round consists of $1.5 millio in non-dilutive government grants/investment and $3M USD from private investors with blue-collar industry roots.
Funds from this round will be used by myComply to support go-to-market functions in the face of accelerating demand and assist the rollout of numerous enterprise launches with some of the globe's top builders. The funds will also be used to expand the team to achieve a greater development velocity while offering enhanced support to myComply's existing client-base.
Headquartered in Saskatoon, Saskatchewan (with US operations in Manhattan, NY), myComply was founded in 2015 as a free platform built to store and manage construction training certifications. As the company matured, so did the technology, and the solution grew into a paid enterprise model serving some of the world's largest construction firms. These firms use the platform to gather reliable workforce data on construction sites, which includes timecards, attendance records, onboarding status, and qualification records. To-date, myComply has served over 6,000 contractors globally and continues to grow its presence across North America.
Mark Wolff, CEO & Co-founder, myComply: "Closing the books on our seed round allows us to plan as we gear up for a Series A round. We have been fortunate to have had a lot of support from both the provincial and federal government, as well as local investors here in Saskatchewan. Seed investment in myComply has allowed our team to grow, continue to learn, and build confidence in our path forward."
myComply's platform empowers general contracting firms to ensure that all workers are qualified on a construction site. Their innovative IoT hardware allows for unparalleled data collection on jobsites and offers real-time insights through the cloud-connected software, giving remote decision makers boots-on-the-ground transparency. General contractors utilize the system to control the entire project onboarding process, which includes orientation, document exchange, training verification, and more. With myComply, projects avoid costly rework, reduce incidents, slash injury costs, and maximize insurance savings.
Simon Kluge, Director of Revenue Operations, myComply: "We have managed to create a strong brand in the industry as a smaller firm. Additional capital positions myComply for a coming-out party. We are confident in the product and it's fit in the market, now it is time to expand our roots in the construction space. I expect these funds will allow our company to hit new milestones, grow its presence into new markets, and drive a refined, streamlined customer experience."