US-based infrastructure protection software developer Urbint hauled in $60m on Tuesday through a series C round featuring enterprise software provider Salesforce and energy utilities American Electric Power and National Grid.
Venture capital firm Energize Ventures led the round, which also included OGCI Climate Investments and Energy Impact Partners, while Salesforce and National Grid participated through Salesforce Ventures and National Grid Partners respectively.
Urbint provides artificial intelligence software designed to predict risks and prevent threats to critical infrastructure.
The infrastructure legislation making its way through the US congress – a $1 trillion bipartisan bill and an approximately $3.5 trillion package being proposed through a parallel track – are set to put the kind of software Urbint provides in higher demand, as resiliency of infrastructure comes to the forefront.
The latest round brings its total funding up to $109m. Petroleum provider Petronas’s Piva subsidiary and Energy Impact Partners co-led the company’s $20m series B round in June 2020, with Salesforce Ventures and National Grid Partners also investing.
National Grid Partners made a strategic investment of undisclosed size in Urbint in late 2019 after the pair had entered into a three-year agreement aimed at preventing damage to National Grid’s pipelines due to third-party excavation.
Corey Capasso, founder and chief executive of Urbint said: “America’s infrastructure is at an inflection point. As we have seen time and again, mounting threats from climate change to an ageing grid have made the risk of major 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.”
