VEERUM, a Calgary-headquartered SaaS provider in the asset visualization and construction sector, today announced the closure of a funding round led by Evok Innovations. The strategic investment of $2.5M from energy leaders Suncor and Cenovus, InterGen Capital along with existing investors will be used for product development and sales of its 3D asset visualization solution. The terms of the equity investment are confidential.
VEERUM is addressing a problem that costs the world $1.6 trillion in waste every year (McKinsey, 2017). 90% of the world’s industrial construction projects exceed budget by an average 30% and schedule by 17%. VEERUM solves these challenges by ingesting existing asset information from reality data capture, engineering design systems, original equipment manufacturers, and document management. This single source of truth digitally verifies the quality and progress of these complex projects. This data is accessible in near-real time for data driven decision making anywhere in the world. VEERUM is already delivering its cloud-based solution to a number of large energy, utility, and mining companies around the globe.
“We can be operational for clients within 48 hours with no impact to client software or hardware systems. Clients are online and secured in the cloud with a single login profile.” said David Lod, VEERUM CEO. “The time to value for clients is unrivalled and continues to be a differentiator for VEERUM in the market.”
VEERUM joins Evok Innovations’ diverse portfolio of companies who are leaders in their respective markets and are disrupting the status quo with new and innovative technology.
“We are proud to announce that VEERUM is joining our portfolio. They are an outstanding team of industry and technology experts who intimately understand the inefficiencies in construction and asset management. Being situated in Alberta, VEERUM has unique access to the energy market in Western Canada. This has allowed VEERUM to validate and commercialize its technology locally prior to global expansion. We are excited to support a company that is leading digital transformation,” said Marty Reed, CEO of Evok Innovations.
Evok innovations is a fund that offers a unique approach to innovation, combining the pace and creativity of a Silicon Valley startup with the experience and insight of industry leaders. Its partners include BC Cleantech CEO Alliance, Cenovus Energy, and Suncor Energy.
“Joining this group of investors is a strategic opportunity for VEERUM. Evok Innovations are genuine partners and thought leaders in the industry. As such, our company missions truly complement each other. Global demand for infrastructure and energy continues to rise, and VEERUM’s digital solution provides an optimal way to transform out-of-date practices,” said David Lod.