Urbint Secures USD 20 Million in Series B Round of Financing

By StartUp City | Tuesday, June 23, 2020

As the COVID-19 pandemic gripped the world in shock, utilities and infrastructure operators made use of Urbint's technology to target emergency work to keep communities safe, while protecting workers from unnecessary virus exposure risk on low priority fieldwork

Fremont, CA: Artificial Intelligence for Field Risk Management company, Urbint, raised USD 20 million in a Series B funding round co-led by Energy Impact Partners and Piva, with participation from Salesforce Ventures and National Grid Partners. Urbint's technology predicts and prevents threats to energy infrastructure and worker safety in the field.

"A few years ago, we saw that utilities were facing an overwhelming number of threats in the field, stemming from aging infrastructure, extreme weather, and workforce turnover, and didn't have adequate tools to make informed risk-driven safety decisions," said Corey Capasso, Founder, and CEO of Urbint. "We built Urbint to arm them with predictive AI to stay one step ahead. The pandemic has only intensified this need as dangers to infrastructure and essential workers increase, and resources are strained. This investment will grow our reach to keep even more communities safe."

15 Most Promising Enterprise Security Startups - 2018As the COVID-19 pandemic gripped the world in shock, utilities and infrastructure operators made use of Urbint's technology to target emergency work to keep communities safe, while protecting workers from unnecessary virus exposure risk on low priority fieldwork. The company has also helped identify threats that could cause high-consequence outages to essential facilities such as hospitals and nursing homes.

"Urbint's technology is a necessity-it enables the world's essential utilities to focus scarce resources on the highest-priority risks, with real world implications from worker safety to explosion prevention, greenhouse gas mitigation and more," said Bennett Cohen, Partner at Piva. "Urbint's combination of first-class enterprise AI, deep industry expertise, and a strong leadership team has already led to impressive traction, with a growth opportunity to become the dominant solution for infrastructure risk in the utility market."

The company will use the proceeds from the investment round to scale its Field Risk Management platform and expand into new industries and countries, bringing quantifiable improvements in worker and infrastructure safety as well as emissions reduction to communities around the world. "When we first invested in Urbint two years ago, we felt they were poised to take the sector forward by bringing the 21st century AI solutions to 20th and in some cases 19th-century infrastructure," said Hans Kobler, CEO of Energy Impact Partners. "Corey and the team have more than delivered on that promise, and now more than 40 utilities rely on Urbint to reduce operational risk."

See also: Top Artificial Intelligence Companies

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