Calgary’s Ontopical has secured a $3.3 million seed extension round co-led by Rhino Ventures and Graphite Ventures and supported by Accelerate Fund III.
The round also incorporates a grant from Alberta Innovates. To date, Ontopical has raised over $6 million in funding.
Ontopical’s AI-driven data and intelligence platform makes it possible for the private sector to detect early signals from public sector data about upcoming contract opportunities and policy updates to help them efficiently win more business.
At a time of increasing public demand for government organisations to provide higher transparency in how contracts are awarded, Ontopical provides equitable access to government opportunities for qualified businesses.
Ontopical will use the funds to further develop its AI-driven intelligence platform and expand its business further across North America.
The company also plans to triple their team over the next two years, hiring data engineers, data scientists, AI/ML specialists and new members to its sales and marketing teams. The majority of roles will be based in Calgary.
“This funding represents a major milestone for Ontopical and expedites our ability to improve the efficiency of how public sector markets work for private sector clients,” said Clayton Feick, CEO of Ontopical.
“We are effectively applying an AI-layer on top of an ever-growing pool of credible public data to attract the most qualified private sector teams to public works contracts.”
With Ontopical’s AI-driven platform, businesses of all sizes are equipped to discover and compete for government work. The platform mines millions of unstructured and multi-format public sector data sources including agendas, minutes, budgets and videos within cities, counties and school districts to identify and consolidate intelligence to help businesses efficiently apply for new contracts.
Ontopical’s customers include some of North America’s largest telecom players, major architectural, engineering and construction firms, energy and utilities providers, health services, software, IoT and technology companies. More than half of its customers are in the U.S.
“We’re really pleased to join Clayton, Derrick and the Ontopical team as we’ve tracked them for the last year and are impressed with their data-focused approach to solving procurement problems in the public and private sectors,” said Craig Leonard, General Partner with Graphite Ventures.
“They’re a great example of a company that uses AI in a meaningful way and of the strong companies emerging out of the Alberta ecosystem.”