Startup Raises $60M to Flag Infrastructure Damage, Injuries Before They Happen

Startup Urbint, which promises its software can identify utility and telecommunications industry failures, damages, and worker injuries before they happen, has raised $60 million.

Urbint CEO and founder Corey Capasso said the funding is timely, hitting as Congress contemplates massive spending on infrastructure.

“America’s infrastructure is at an inflection point. As we’ve seen time and again, mounting threats from climate change to an aging grid have made the risk of major safety incidents unmanageable,” Capasso said. “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.”

Urbint software is designed to predict threats to workers and critical infrastructure up to a week in advance. By doing so, using real-world data and artificial intelligence, the technology enables preventative action across core programs such as construction, maintenance, and field operations, according to the company.

New York-based Urbint serves gas and electric and telecom companies including National Grid, Southern Company, and other energy and infrastructure companies.

Urbint claims that its software helped National grid reduced its damages in its downstate territory by 37% from 2016 to 2020, and 22% in just one year from 2019 to 2020. Southern Company Gas saw a 30% reduction, according to Urbint.

Energize Ventures led the Series C round, though American Electric Power, OGCI Climate Investments, and existing investors Energy Impact Partners, National Grid Partners, Blue Bear Capital, and Salesforce Ventures also participated.

Including the new round, Urbint’s total funding is now at $109 million.

Source: Urbint

Topics InsurTech Funding