PTV International Ventures Americas (Piva), a corporate venturing subsidiary of petroleum supplier Petronas, co-led a $20m series B round yesterday for Urbint, a US-based provider of utility grid risk management software.
The round was co-led by venture capital fund Energy Impact Partners and also featured Salesforce Ventures and National Grid Partners (NGP), on behalf of enterprise software publisher Salesforce and energy grid operator National Grid.
Urbint markets an artificial intelligence-driven software platform used by more than 40 energy utilities to predict and prevent risks to their infrastructure. The funding will be spent on scaling the product to enter additional industrial and geographical markets.
NGP invested an undisclosed amount in Urbint in November 2019 following $18.5m in funding from Energy Impact Partners and Urban Us, the accelerator backed by carmaker BMW, as well as Fifth Wall, Metaprop and unnamed individuals, as of May 2019.
Lisa Lambert, NGO’s founder and president, said: “Not only are we an investor in Urbint, but National Grid also uses Urbint’s technology to predict and prevent safety incidents, keeping the community safe.
“AI safety technology is especially vital to reduce risk during this pandemic, and we are proud to grow our investment in Urbint.”