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Standards Australia became a venture capitalist
Standards Australia entered the venture capital market. It participated in the pre-Seed financing round for the engineering start-up CalcTree. The latter managed to raise $3.8 million to develop tools for engineering calculations. Foundamental, Suffolk Technologies, and Antler VC also invested in the company. Standards Australia invested in its subsidiary Kungari. The latter accounted for about 30% of the total investment.
Overview of CalcTree’s activities
The startup offers a calculation platform. The developers position their product with the phrase “GitHub meets Notion.” Tim Rowling, Onur Ekinci, and Mahan Lamey founded the company in 2021. The idea for the project came about while the entrepreneurs were participating in the Antler program.
The platform features:
- avoiding errors in engineering calculations.
- replacing manual calculations with automatic ones and providing highly accurate results.
- speeding up computing processes.
- reducing the likelihood of additional costs for error correction.
Errors in engineering are a common and serious problem. In large-scale projects, they can account for up to 7% of the contract value. Accordingly, fixing these errors can cost millions of dollars.
CalcTree’s primary goal is to improve the efficiency of engineering and construction processes. The universal platform is suitable for engineering calculation tasks in various industries.
In 2024, the startup launched a beta version of the product, which is currently in use in over 110 countries. CalcTree’s clients include well-known companies such as Arup, WSP, Jacobs, and Aurecon.
Startup prospects
Onur Ekinci noted the successful completion of the funding round and emphasized the importance of support from Standards Australia. Such authoritative support confirms the platform’s potential to develop the engineering industry and standardize processes. CalcTree plans to use the investment to improve the product and expand its functionality. This will enable CalcTree to enter new markets.
A Standards Australia representative also emphasized the importance of investing in CalcTree. They noted that the platform has the potential to significantly improve standardization processes for engineers. Using this innovative solution will contribute to the digitalization of the industry’s rules and regulations. Standards Australia is interested in collaborating with companies that understand the importance of a standardized approach. This is one of the ways to successfully implement complex projects. Additionally, Standards Australia supports transforming methods to make the system more flexible and relevant to the modern world.