Melbourne startup Ynomia has had a mammoth seed round, raising $3.6M in funding from a number of big-name investors both on- and off-shore.
Aconex co-founder Rob Phillpot and US Venture Capital firm Brick & Mortar Ventures were joined by Salta Capital, Aura Ventures and Taronga Group in supporting the startup, which received its first boost of $150,000 from the Victorian government’s Sector Growth Grant and Kick-Start programs last year.
Founded in February 2018, Ynomia provides Bluetooth-powered technology to track materials and keep people more connected on construction sites.
Founders Matthew Barbuto, Matthew Lickwar and Adam Jago identified a gap in the market for an end-to-end tracking technology.
The technology, developed with the CSIRO, uses a Bluetooth low-energy localisation algorithm to track materials, both horizontally and vertically.
Scalability and ease of deployment were front of mind during development, resulting in a program requiring little power and no network connection.
Ynomia also worked with Probuild during initial product development to ensure the product was purpose-built to work across all levels.
Key investor Rob Phillpot says “the ongoing transformation of the construction industry will rely on more connected components and real-time data. Ynomia is blazing a path in this very important area of innovation.”
The funding leg-up will allow Ynomia to continue working with CSIRO on refinement and development, and expand into overseas markets.
Barbuto says the group of investors was his “aspirational-aspirational list – the list you don’t allow yourself to really think would happen.”
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