Helsinki-based Metroc, a construction data platform with a database of properties, construction projects and real estate deals, announced on Friday that it has secured €2M in a seed round of funding.
Metroc says it will use the money to develop and expand its market data platform across the Nordic countries and Europe. They also plan to bolster their tech, sales, and marketing teams to support their growth initiatives.
Metroc mentions that this funding marks a significant step for its growth as the company already serves 300 customers in Finland and Sweden. This success propels them as they execute their expansion strategy across Europe.
Investors in this round
The investment was led by Lifeline Ventures, a Finnish early-stage VC investor, along with support from notable angel investors.
Petteri Koponen, Founding Partner at Lifeline Ventures, says, “Metroc is leading the digital transformation of a traditionally conservative industry, harnessing the full potential of Artificial Intelligence (AI). Lifeline Ventures was deeply impressed by their ambition, technical capabilities and successful execution, making it an easy decision to invest in their future growth.”
Construction data platform with a database
Founded in 2019 by Jussi Virnala, Metroc develops AI solutions tailored for the construction industry. Its aim is to enhance efficiency and growth in construction by addressing data challenges with its platform.
The data platform can assist companies in discovering projects and obtaining market analysis through autonomous real-time data gathering powered by industry-specific AI.
The platform compiles data from various sources into user-friendly and accessible information for customers. Through two years of training, the company has developed specific language models to cater to the construction industry’s needs.
Virnala says, “For a long time, construction industry market data has been incomplete, out of date, and scattered across various platforms, resulting in construction companies being unable to find suitable projects, customers, and partners at the right time – leading to uncertainty for both businesses and end-customers.”
“Our platform provides clarity to the market for the very first time at this level. In an industry driven by individual projects and competition, and with a high sensitivity to economic fluctuations, the platform provides construction companies with a comprehensive overview of upcoming projects, empowering them to navigate smoothly in this challenging environment,” adds Virnala.
Currently, Metroc employs a 15-member team in Finland and Sweden. The company has developed its own AI technology over two years by involving inmates of the Prison and Probation Service of Finland in training NLP models.
The collaboration with the Finnish Criminal Sanctions Office
The Criminal Sanctions Office and Metroc have entered a cooperation agreement. Prisons will undertake document processing tasks using workstations from Metroc to train an AI algorithm.
In a collaborative experiment involving Helsinki, Hämeenlinna, Sukeva, and Turku prisons, a total of 12 workstations have been designated for document processing work.
This initiative aims to modernise prison labour and equip inmates with digital skills essential for societal integration and employment in the digital age. Metroc purchases AI development work from the Criminal Sanctions Institute as part of this partnership.
Metroc is also educating inmates about the construction industry. After an orientation, prisoners engage in tasks that involve training AI by extracting information from construction-related texts. They learn to answer questions about documents like building permits and project contractors. The training process includes repetition and question-based learning.
Prison work supports inmates in transitioning to a crime-free life and societal integration. Services, activities, and rehabilitation in prisons aid this transition.
Prisoners voluntarily engage in AI development tasks and are compensated equally as they are for other work activities, says Metroc.
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