PataBid Secures $2 Million in Pre-Seed Funding Led by Graphite Ventures

Calgary's PataBid Raises $2 Million in Pre-Seed Funding

PataBid, a Calgary-based company specializing in AI-driven estimating software for contractors, has announced a successful pre-seed funding round, raising $2 million. The funding was led by Graphite Ventures, with participation from Bluesky Equities, Inverted Ventures, and Sprout Fund.

Founded by CEO Melvin Newman, PataBid offers software that streamlines the process of creating construction bids by automating takeoffs and calculations, enabling contractors to complete these tasks 75% faster.

Investors and Strategic Partnerships

The pre-seed round was spearheaded by Graphite Ventures, a firm known for investing in innovative tech companies. Additional support came from Bluesky Equities, Inverted Ventures, and Sprout Fund, each bringing a wealth of experience and resources to bolster PataBid's growth.

Planned Use of Funds

While specific plans for the newly raised capital were not detailed, such funding is typically used to enhance product development, expand market reach, and possibly increase staffing to support these initiatives.

About PataBid

PataBid, under the leadership of Melvin Newman, is well-positioned to leverage this funding round to further its mission of simplifying construction bid preparation with advanced AI technology. The company's software aids contractors by reducing the time spent on estimating tasks, thereby improving efficiency and productivity.