Brickeye has raised $10 million in Series B financing to scale its construction IoT monitoring and risk-mitigation services across North America and accelerate expansion into additional international markets. The Toronto-based construction technology company said the round was led by GreenSky Ventures, Brightspark Ventures, Graphite Ventures, Export Development Canada (EDC), Beauchamp Construction, and one of the largest building materials suppliers in North America.
Brickeye positions its platform as a way to reduce costly jobsite incidents that can cause major damage, schedule overruns, and insurance losses, including overnight waterline failures or improper concrete curing. The company said its platform goes beyond monitoring and alerts by integrating with building systems to trigger shut-off valves, flag anomalies, and automatically document events for insurance and risk-management workflows.
Brickeye said its technology has been deployed on more than 3,000 construction projects across more than 20 countries and that the business has grown revenue 150% year over year. The company also noted it was named to Deloitte’s 2025 Technology Fast 50 list of Canada’s fastest-growing technology companies.
As an example of automated intervention, Brickeye described a 40-story condominium tower project in Florida where its sensors detected a temporary water line breach and triggered a shut-off valve, preventing an estimated 1,650 gallons of water from flooding the site. Brickeye said the incident illustrates how real-time sensing, paired with automated controls, can limit losses before crews arrive on site.
The company is also tying its technology more directly to insurance outcomes. Brickeye said it recently launched BuildersRiskIQ, a preconstruction dashboard that shows insurers where IoT controls will be deployed on a project. The company said risk managers and brokers can use project plans and a Certificate of Protection as part of insurance submissions, providing underwriters with visibility into the scope of protection prior to construction. Brickeye said customers using the platform have reduced water loss deductibles and buy-downs by up to 50%.
How the funding will be used: Brickeye said it will use the new capital to accelerate product development in IoT-enabled software and AI services, expand engineering and field operations, and grow sales across North America and international markets, including the Middle East, South America, and Europe. The company also plans to expand beyond high-rise and multifamily construction into verticals such as healthcare and data center facilities.
KEY QUOTES:
“That would have cost us hundreds of thousands in damage and delays. The system caught it and stopped it before anyone even knew there was a problem.”
Blaik Ross, Executive Vice President, Beauchamp Construction
“Brickeye demonstrates how IoT solutions, paired with innovations like BuildersRiskIQ, can meaningfully de-risk projects and mitigate losses. We’re proud to support their next stage of growth.”
Mike List, Founder and Managing Partner, GreenSky Ventures
“We’re scaling a platform that delivers measurable results for contractors, developers, and insurers. This investment accelerates our ability to help customers reduce risk and improve profitability across all stages of construction.”
Tim Angus, CEO, Brickeye
