Melbourne engineering and structural design startup ClearCalcs has raised $2.5 million to double its total pre-series capital to $5 million.
Existing lenders EVP and Shearwater Capital once again led the way in the software platform, which helps architects and engineers build more sustainable homes more efficiently.
ClearCalcs raised $1.65 million 12 months ago and has since more than doubled its revenue and expanded its team from eight to 23 employees, as well as opening a North American office, which accounts for approximately 70% of its user base.
The new money will be used to reach more potential users through strategic partnerships, expand software offerings and materials, and make additional hires.
Co-founders Chris Borzillo and Steven Robinson launched ClearCalcs in 2017 with a vision to build a comprehensive library of mission-critical calculation tools to help engineers, architects, and building designers better determine the structural requirements for their projects.
Borzillo said it has become the industry’s preferred software solution, and ClearCalcs now has an established presence in the US, Canada, Europe, Australia and New Zealand.
“We serve a market desperate for change and better support, but with incredibly complex requirements. While the narrow tech field is niche, we understand the intimate details of our community,” he said.
“By responding to this, we have been able to build a company that is growing in potential and acceptance. Our software gives those in the design engineering space the tools they need to get their jobs done quickly and with incredible accuracy. As a result, they can try new and different materials that were previously too time consuming to consider. This not only shortens the time it takes to take housing from concept to reality, but also changes the way engineering is approached.
EVP Investment Manager Mark Veliksaid said the two founders achieved exactly what they said they would do, including rapid revenue growth.
Their vision of ClearCalcs and the problems it can solve is second to none, but it’s not just this that keeps us coming back to reinvest. It is the tenacity, guts and dedication they bring to their community that stands out. They are well on their way to building a company of considerable size, with double the enthusiasm and passion of most,” he said.
“They are also steadfast in creating a culture that allows their team to thrive, which is far more advanced than most companies of their size. We deeply believe in everything they want to achieve and look forward to supporting them as they continue to grow.”
Borzillo said they want to enable creativity and attention in a space that is under enormous pressure.
“Our goal is to empower ambitious and sustainable-minded engineers to solve these problems and create better outcomes for their own business, but also for the people they serve and ultimately for the environment,” he said.
“From day one, we wanted to grow a values-based company. Both Steve and I are incredibly humbled to be at the helm of a startup that not only improves the work of our community, but ultimately the lives of the hundreds of thousands of people living in the projects our software helps create.”