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Giatec Receives $5 Million from BDC Capitals Cleantech Practice to Strengthen Concrete Testing Technology

Giatec Receives $5 Million from BDC Capitals Cleantech Practice to Strengthen Concrete Testing Technology

 


Giatecs clients include construction companies such as AECOM and McCarthy.

Ottawa-based concrete testing technology provider Giatec has secured a $5 million CAD investment from BDC Capitals Cleantech Practice.

Giatec announced the funding last week, months after HeidelbergCement made a minority investment in May. The funding amount for that investment was not disclosed.

Founded in 2011 by a PhD in Civil Engineering. Giatec, a graduate of Pouria Ghods (CEO) and Aali Alizadeh (CTO), combines wireless concrete sensors with his mobile app for his IoT-based technology that monitors concrete properties such as temperature, humidity and strength in real time. is developing. According to the startup, these metrics will help contractors make informed decisions to reduce costs and time.

Giatec also provides non-destructive testing technology for durability-based performance analysis of concrete materials and condition assessment of infrastructure.

The Ottawa start-up has a global customer base comprised of leading construction companies such as AECOM, Concor, Skanska, JE Dunn Construction, PCL Construction, McCarthy, DPR Construction and Lendlease.

In 2018, Giatec appointed Paul Loucks as its new CEO. Loucks is the former CEO of Halogen, which develops talent management software solutions. When Loucks took over, Ghods and Alizadeh assumed roles overseeing the company’s research and product development activities.

Loucks left Giatec a year later, and both Ghods and Alizadeh have returned to their first executive positions, according to their LinkedIn pages.

RELATED: Former Halogen CEO Joins Giatec as CEO

BDC Capital’s latest investment in Giatec is allocated to the latter goal of lowering carbon [CO2] Emissions from 400 million tonnes of concrete production annually are equivalent to removing 110 million cars from the roads.

Giatec claims that using concrete test products with predictive AI-based software can reduce carbon emissions by up to 20%.

The investment in BDC Capital will drive Giatecs’ expansion into international markets, accelerate innovation in CO2 reduction technologies, and move the concrete industry to carbon neutrality, Ghods said.

BDC Capitals Cleantech Practice was established five years ago as a result of a $600 million federally funded investment to support Canadian cleantech companies. As of 2020, BDC Capital claims the practice has contributed approximately $350 million, of which $55 was invested through its indirect-funded venture capital program. The bank also said it supports more than 30 companies with an average transaction size of nearly $10 million.

With Giatec as one of the latest additions, BDC Capitals Cleantech Practice portfolio also includes Cubic Farms, Ekona, General Fusion, GHG Sat, Hydrostor, Mysa, Peak Power, Svante, Terramera, and VueReal.

In previous funding, Giatec received a cumulative $6.2 million investment from Sustainable Development Technology Canada (SDTC) last year. In 2018, Giatec also secured $2.4 million from the SDTC and he raised $800,000 from the National Research Council for the Canadian Industrial Research Support Program.

Featured image from Giatecs website.

Sources

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