Ontopical secures $3.3 million seed extension

CALGARY September 14, 2023 – Ontopical, the most trusted data and intelligence platform to help businesses discover and win government work, announced today a $3.3 million Seed Extension round co-led by Rhino Ventures and Graphite Ventures and supported by Accelerate Fund III. The round also incorporates a grant from Alberta Innovates. To date, Ontopical has raised over $6 million in funding. 

At a time of increasing public demand for government organisations to provide higher transparency in how contracts are awarded, Ontopical provides equitable access to government opportunities for qualified businesses. Ontopical’s AI-driven data and intelligence platform makes it possible for 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 funds to further develop its AI-driven intelligence platform and expand its business further across North America. The company also plans to triple their 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. 

“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,” said Clayton Feick, CEO of Ontopical. “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.”

With Ontopical’s AI-driven platform, businesses of all sizes are equipped to discover and compete for government work. 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 efficiently apply for new contracts. Ontopical’s customers include some of North America’s largest telecom players, major architectural, engineering and construction firms, energy and utilities providers, health services, software, IoT and technology companies. More than half of its customers are in the U.S. 

“The procurement process for municipal governments remains incredibly antiquated, heavily favoring long standing incumbent relationships,” said Dave Hogarth, Partner at Rhino Ventures. “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.”

“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,” said Craig Leonard, General Partner with Graphite Ventures. “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.”

“We are impressed with how Ontopical has evolved and incorporated AI to level the playing field for winning public sector contracts,” said Arden Tse, Investment Manager, Accelerate Fund II & III. ”They have a great leadership team in place with both business and technical skills, the right combination to grow to the next level.”

For media inquiries, please contact:  

Claudia Moore

Material Insight

Phone: 403.703.0029

Email: claudia@materialinsight.com

Latest posts

Ontopical Launches AI Copilot: Oliver, to Advance Government Market Intelligence and Help More Qualified Companies Win More Contracts

Ontopical launches AI Copilot: Oliver, to advance government market intelligence

Ontopical announced today the latest release of its government market intelligence platform equipped with an AI Copilot to help companies discover early signals of local government contracts with instant answers to develop winning proposals. Ontopical is the first government market intelligence provider to offer advanced AI detection and guidance on bid preparation.

Read More »

Get the lastest from Ontopical

Share your email so we can send you guides and industry news! 

*You can unsubscribe at any time.