Veerum, a Calgary-based software-as-a-service company focused on industrial asset visualization, has secured C$7.4 million in a Series A financing. BDC Capital’s Industrial Innovation Venture Fund and Builders VC led the round, with participation from Brick & Mortar Ventures, Evok Innovations, Intergen and Creative Ventures. The funds raised will support Veerum’s global growth.
CALGARY, Alberta – February 3, 2021 – VEERUM, a rapidly growing software-as-a-service (SaaS) provider in the industrial asset visualization space, is pleased to announce a $7.4 million Series A funding round led by BDC’s Industrial Innovation Venture Fund and Builders VC with continued participation from existing investors Brick & Mortar Ventures, Evok Innovations, Intergen and Creative Ventures. VEERUM provides a secure cloud-based web solution that enables data transparency across the entire asset lifecycle. This new funding enables VEERUM to expand into new global markets while actively working with companies that have a combined market capitalization of over $500 billion dollars. VEERUM’s clients are accelerating the transition to digital asset ownership to effectively build and maintain the world’s critical infrastructure.
Currently, 30% of initial data created during design and construction phases is lost by the end of the project due to information being inaccessible throughout the organization. Traditional solutions that try to aggregate data sets are expensive, slow, and difficult to connect and maintain across the organization. 71% of owners indicate that capturing and retaining more data will reduce lifecycle operational costs. VEERUM’s unique ability to aggregate information, including display computer-aided design (CAD), geospatial, document management and Internet of Things (IoT) data in a web-based 3D viewer, is what the global market is demanding.
“We are proud to offer a truly disruptive solution that provides value across multiple industries, and we are excited to partner with BDC and Builders VC to unlock additional channels to expand our impact globally,” says David Lod, CEO of VEERUM. “This investment comes at a pivotal time in VEERUM’s growth, enabling us to hire an additional 10 positions to our top-talent team this quarter who will help accelerate market growth and adoption around the world. We look forward to providing a highly secure application that drives value out of our clients existing systems and data, allowing them to make better and faster informed decisions on a global scale.”
The investment case for VEERUM has only heightened since the COVID-19 pandemic as clients have adopted the application to enable remote collaboration as a part of their business continuity strategies.
“The pandemic creates an even more urgent need for digital tools that can increase productivity and reduce costs in the industrial sector,” says Joe Regan, Managing Partner of the Industrial Innovation Venture Fund at BDC Capital. “With impressive progress over the past two years and very positive customer feedback, VEERUM is well-positioned to meet this increasing demand while continuing to grow and deploy its solution in the U.S. and globally.”
BDC’s $250 million fund invests in companies and entrepreneurs who are accelerating the transformation of core Canadian industries that form the backbone of the national economy, including agriculture and food technologies, resource extraction technologies and advanced manufacturing. In addition to BDC’s investment, Guillaume Mercier, Partner with the Industrial Innovation Venture Fund, will be joining VEERUM’s Board of Directors. His proven success in building global brands will be an invaluable asset as VEERUM accelerates its market expansion in 2021 and beyond.
“I have had the fortunate opportunity to work with the company since 2014 and witnessed how the team has evolved to become a true market leader in industrial asset visualization, providing demonstrable ROI to its growing list of clients around the globe,” says Mark Blackwell, General Partner at Builders VC. “VEERUM has been able to capitalize on the digital transformation seen by many large industrial players who are adapting when facing the realities of remote planning, monitoring and maintenance of their assets. We are excited to continue to support the team and help them scale their vision.”
Builders VC invests in technology that strives to fix antiquated industries, operating under the belief that disruption happens when great founders leverage technology with a strong operational focus in addressing customer pain points, customer acquisition, driving out inefficiencies, and unlocking new business models.
Founded in 2014, VEERUM is an industry leader in optimizing asset ownership. VEERUM provides a secure cloud-based web solution enabling data management across the entire asset lifecycle that allows asset stakeholders to view aggregated asset data in the context of a 3D model. All information is available for a total audit history of the asset. Delivering high-value use cases across various industries including oil and gas, mining, utilities, and industrial construction, VEERUM works closely with its clients to understand their pain points and build industry solutions that support their digital initiatives. For more information, visit www.veerum.com
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 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, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. For more information, visit www.bdc.ca/capital
About Builders VC
Builders VC is an early-stage venture capital firm focused on investing where technology meets new business models to modernize antiquated industries including healthcare, agriculture, industrials and real-estate. Its thesis involves applying technology and new business models to sectors where the percentage of IT spending vs. revenue is minimal. In these sectors, there exists a significant gap between what is technically possible vs. what is presently implemented. For more information, visit www.builders.vc