Brickeye announces 1st close of $10M round

CPE News

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CPE News (10.31.2023) – Brickeye has announced the first closing of a $10 million investment round with new investors BDC Capital IP-backed Financing Fund and Graphite Ventures, with additional funding from existing investors GreenSky Ventures, Brightspark, EDC, and MaRS Investment Accelerator Fund.

Toronto based Brickeye is a leading construction IoT and data analytics technology company dedicated to revolutionizing the construction and infrastructure industries through IoT-enabled job site monitoring, smart automations, and data analytics solutions.

Brickeye intends to use the funds for continued growth of its risk mitigation and productivity platform for the construction and insurance industries.

photo credit: Brickeye

Construction Tech Innovator, Brickeye, Completes Significant Investment Round

Funds will be used to support growth of its innovative risk mitigation platform

TORONTO, Oct. 31, 2023 (GLOBE NEWSWIRE) — Brickeye, a leading construction IoT and data analytics technology company, announces the successful first closing of a $10 million investment round. The company welcomed new investors BDC Capital’s IP-backed Financing Fund and Graphite Ventures, with additional funding from existing investors GreenSky Ventures, Brightspark, EDC, and MaRS Investment Accelerator Fund. Brickeye intends to use the funds for continued growth of its risk mitigation and productivity platform for the construction and insurance industries.

Harnessing the power of Internet of Things (IoT) technology, Brickeye’s suite of solutions enable job site monitoring, intelligent alerts and analytics, and smart automations. This empowers general contractors, owners, developers, and insurance providers to effectively mitigate risk, boost productivity, and safeguard margins of high-rise building and infrastructure construction projects. Brickeye is transforming how insurance providers place, underwrite, and protect policies by helping insureds de-risk projects in pre-construction and mitigate risk during construction.

“We are excited about the opportunities that lie ahead as we continue to innovate and empower the construction industry with our technology,” said Tim Angus, CEO of Brickeye. “This investment round reaffirms our commitment to providing game-changing solutions that reduce risk and drive productivity, ultimately benefiting everyone involved in construction projects.”

“Brickeye has enormous potential to positively disrupt the construction and insurance industries with its job site IoT platform which optimizes data capturing, risk management, productivity, as well as reducing the environmental footprint of construction sites,” said Anne-Marie Bourgeois, Partner, Intellectual Property-Backed Investment at BDC Capital. “The company’s IP strategy will be an important asset in its growth journey.’’

To learn more, visit: www.brickeye.com

About Brickeye

Brickeye is a leading construction technology company dedicated to revolutionizing the construction and infrastructure industries through IoT-enabled job site monitoring, smart automations, and data analytics solutions. Trusted by leading owners, developers, general contractors, and insurance providers, Brickeye helps mitigate risk, boost productivity, and protect margins on building and infrastructure construction projects globally. The company’s end-to-end job site platform delivers actionable alerts and intelligent loss-reducing automations to help customers build safer, smarter, and better. To learn more about how Brickeye is advancing the construction industry through superior IoT technology and data analytics, visit www.brickeye.com.

About BDC Capital

BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

About Graphite Ventures

Graphite Ventures is an early-stage seeding-for-scale venture capital firm that invests in early-stage B2B SaaS, fintech, proptech, digital health and capital-efficient hardware companies. Graphite is one of Canada’s most active and consistent VC firms, and the team has invested in more than 200 companies over the past decade. Graphite launched the $110M Graphite Fund IV in 2021 with a focus on Seed and Series A opportunities across Canada.

Media Contact:
Devin Sutton
Trevi Communications for Brickeye
devin@trevicomm.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dbefe636-1882-4ac0-89c2-ed8edb4fd298