Saskatoon-based myComply, a provider of internet-of-things technology and cloud-connected software for the construction industry, has raised $4.5 million in seed financing. The private investors in the round, which includes $3 million of equity, were not disclosed. The proceeds will support myComply’s go-to-market strategy and team expansion.
April 6, 2022 (Saskatoon, Saskatchewan, CANADA) – myComply, a Saskatchewan-based provider of IoT technology and cloud-connected software for the construction industry has landed its final capital to close its seed round investment at a total of $4.5M USD.
The seed round consists of $1.5M USD 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 New York), 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.
“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.”
– Mark Wolff, CEO & Co-Founder, myComply
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.
“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.”
– Simon Kluge, Director of Revenue Operations, myComply
Founded in 2015, Saskatoon-based myComply is a technology platform that ensures construction site compliance and provides workforce data on-demand. myComply is setting a new standard for how construction workers are onboarded on construction projects. The platform combines intelligent hardware with easy-to-use software to verify safety training and is relied on by contractors to reduce risk on construction sites. To date, over 6,000 contractors across the globe have used myComply to ensure that all workers on the job meet site standards and are properly onboarded. To learn more, visit http://www.mycomply.net