Ontopical – a trusted data and intelligence platform to help businesses discover and win government work – recently announced a $3.3 million seed extension round co-led by Rhino Ventures and Graphite Ventures and supported by Accelerate Fund III. This funding round also incorporates a grant from Alberta Innovates. Ontopical has raised over $6 million in funding so far.
During a time of increasing public demand for government organizations to provide higher transparency in how contracts are awarded, Ontopical provides equitable access to government opportunities for qualified businesses. And Ontopical’s AI-driven data and intelligence platform allows 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.
Ontopical will use the funding round to further develop its AI-driven intelligence platform and expand its business across North America. And the company also plans to triple its 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.
Using Ontopical’s AI-driven platform, businesses of all sizes are equipped to discover and compete for government work. And 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 apply for new contracts efficiently. Ontopical’s customers include North America’s most prominent telecom players, major architectural, engineering, and construction firms, energy and utility providers, health services, software, IoT, and technology companies. More than half of its customers are in the U.S.
KEY QUOTES:
“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. 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.”
– Clayton Feick, CEO of Ontopical
“The procurement process for municipal governments remains incredibly antiquated, heavily favoring long-standing incumbent relationships. Ontopical provides not only a platform for more scalable growth to their customers but improves outcomes for the constituents of local governments by allowing the best government service providers access to bid on a far wider range of projects.”
– Dave Hogarth, Partner at Rhino Ventures
“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. 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.”
– Craig Leonard, General Partner with Graphite Ventures
