Powered by SaaS Industry
At a Glance
Urbint has raised $60M in a Series C funding round, taking its total funding to $109M. It aspires to introduce new solutions to its AI software to address its rising demands and scale its technology to protect critical energy and infrastructure from incidents
Urbint, a provider of cloud-based AI platform to predict and stop threats to critical infrastructure and workers, has raised $60 million in a Series C funding round led by Energize Ventures to scale its technology, a press release from Urbint said.
The Series B funding for Urbint came in June 2020, where it netted $34 million. With the close of Series C, the total amount raised by Urbint touches $109 million. Other and existing investors – American Electric Power, OGCI Climate Investments, Energy Impact Partners, National Grid Partners, Blue Bear Capital and Salesforce Ventures – participated in the Series C round.
Urbint, founded in 2015, leverages AI and real-world data to deliver a clear picture of risk incidents in advance, enabling decision-makers to take the right action at the right time. Corey Capasso, founder and CEO of Urbint, stated that America’s infrastructure is at an inflection point due to mounting threats from climate change to an aging grid, causing risks of significant safety incidents unmanageable.
“Our technology equips the nation’s energy and infrastructure companies with AI to prevent everything from fires, outages, and explosions to tragic worker accidents. This new investment will fuel our expansion to meet this unprecedented moment, ”Corey Capasso
Urbint’s software powers preventative action across core programs such as construction, maintenance and field operations. Its customer base spans National Grid, Southern Company and other energy and infrastructure companies. The proceeds from the funding would be used to introduce new solutions to address the rising demand for the company’s incident prevention software.
Tyler Lancaster, principal at Energize Ventures, stated that today’s critical infrastructure owners and operators face new challenges due to aging assets and climate change threats and added,
“Electric utilities in the U.S. alone spend more than $15 billion annually on operations and maintenance. Urbint’s next-generation risk management software helps customers identify and prioritize safety and reliability threats, in turn lowering O&M costs, reducing emissions, and improving worker safety all while ensuring critical infrastructure stays online.”Tyler Lancaster