Startup Exclusive – Matidor | Mar 23
This week we present a startup exclusive on a fast-paced and high-growth company that is using tech to bridge the gaps in the field services industry. Driven by passion and the power of innovation, this company is going beyond its bounds to revolutionize its respective industry.
Matidor is a map-based project management and collaboration platform which has been developed to directly address a need in the field services industry. It helps facilitate the complex relationship between environmental consultants and their clients (operators, municipalities, energy producers, etc.), by enabling seamless collaboration on location-based projects between all parties. With all key project information available in one place, Matidor allows for better visualization and management between different stakeholders with great ease and efficiency.
The platform eliminates collaboration and visibility challenges by consolidating all key project information on one intuitive, map-based dashboard, with real-time updates that can be shared between multiple parties.
With Matidor, all stakeholders can drill down to a specific location with user-friendly GIS tools and key data such as budgets, tasks, and files, making it easy for non-technical users to update and share geospatial information along with critical project details.
The majority of Matidor’s competitors are indirect, either in the Portfolio & Project Management (PPM) or Geospatial Information System (GIS) space. Leading PPM solutions focus heavily on textual or numerical features like spreadsheets and time tracking, and include products like Excel, MS Project, and Basecamp. Leading GIS solutions, on the other hand, focuses on geospatial functionality like data manipulation and visualization, and include products like ArcGIS and Google Maps.
The closest threat comes from legacy enterprise software solutions that have added more collaborative components to their platforms, like SiteView for example.
Fortunately, Matidor’s style of development allows it to be far more agile and to integrate with many software solutions, which other parties often cannot. Furthermore, rather than going head to head with such software giants, Matidor chose to approach smaller and younger companies that do not have the barriers of years of legacy data locked by enterprise software.
Matidor is the only software product that combines mapping and project management with controlled, two-way sharing, and can be used as a stand-alone platform or be integrated with corporate systems, third-party data sources, and field devices. Matidor doesn’t require the long training cycle of other industry-specific systems, and the unlimited user model opens the door to exponential growth. Stickiness is built-in through historical data storage and the aforementioned network effect. They believe that these factors, and many others, will contribute to the success of their solution against competition.
Since last year, Matidor has signed on 5 new clients in the energy space and partnered with 8 environmental consulting firms while being able to grow their team from 5 people to 18 people now. User engagement is strong, with over one hour daily active users (DAU) spending up to two hours on the platform each day.
Matidor has grown in revenue significantly with its TTM revenue sitting close to $1 million right now. This is largely attributed to a COVID-related project that they were working on with Unity, MNP, and other technology partners as part of the Digital Supercluster program. From this we have also partnered with Unity as well which will help them bridge the gap between 2D geospatial data with 3D visualization down the road. Last year, Matidor came second place at the highly acclaimed TechCrunch Startup Battlefield out of 1000 applicants and this year as a finalist at SXSW Pitch competition in the Enterprise and Smart data category.
The biggest challenge they have to overcome in the following year is to become more integrative as a one-stop shop to consolidate third-party data sources coming into the platform. Matidor will overcome this by learning what features or data sources is most useful for the clients onboarded in an iterative manner.
Sean Huang (Co-founder and Head of Business Development)
Sean Huang is a Vancouver-based serial entrepreneur who has founded three startups and has more than 10 years of experience in sales and business development. From door-to-door sales with Telus to handling enterprise accounts, Sean was one of the fastest salesmen in his marketing firm to get promoted to senior sales manager for B2B campaigns. In 2015, Sean co-founded his first startup in the mobile VR space and after some initial traction, the company was accepted into a cross-border accelerator program in Shanghai.
Vincent Lam (Co-founder and CEO)
A visionary and 3x entrepreneur. Vincent built and sold his first Point-of-Sale system during his university years and later joined Google to lead projects with the Google Earth team. Vincent has over 20 years of experience commercializing software for environmental and energy companies. Vincent holds an MBA from the University of Ottawa and a BASc in Computer Engineering from UBC.
Matidor is planning to secure funding later this year where 50% of the proceeds will be used to grow the sales and marketing side while 40% will be allocated to further enhancing their product roadmap.
Since its initial launch, Matidor has been entirely bootstrapped but plans to raise more capital in late Q3 of this year. It’s amazing to see the many achievements Matidor and its founders have garnered through their internal efforts and drive.
Currently, Matador’s main goal is to grow the sales and marketing team as they already have a growing development team. The partnership with Unity will enable them to explore applications outside of the environmental and energy realm potentially into AEC and thus they need to enable that side by onboarding new developers as well.
The main focus for growing sales and marketing efforts is to penetrate more cities in the US as well as to look into more international markets where Matidor can be a fit.
Revenue is generated via a base license fee per company, with an additional per-project, location-based charge on top. By avoiding the pay-per-user model commonly used by similar software providers, Matidor keeps its clients’ costs lower, while also protecting their security and privacy. This allows the number of users to grow exponentially as clients bring other stakeholders on board, a major differentiating factor for Matidor as compared with other solutions on the market.
- Matidor makes final 5 out of the 20 semi-finalists
- Matidor is one of the top 20 featured company in last year’s TechCrunch Startup Battlefield out of 1000 applicants
- Matidor wins 2020 Emerging Rocket Award
- Featured article in “The Way Ahead”, a publication on Society of Petroleum Engineers
- 3 Categories nomination for Small Business BC award
- Top 10 BC companies to Watch for 2021
- Matidor makes top 5 finalist for SXSW