Cloud software and AI power faster and more
accurate inspections for municipalities and contractors
WALNUT
CREEK, Calif., June 18,
2024 /PRNewswire/ -- SewerAI, a global leader in
AI and cloud-driven sewer condition assessment, today announced the
completion of a $15 million Series B
funding round. The round was led by Innovius Capital, with
additional funding from Emerald VC, Epic Ventures, Suffolk
Ventures, Bentley Systems, Burnt Island Ventures and notable
individual investors including Zachary
Bookman, founder and CEO of OpenGov, and the CEOs of several
elite AI and computer vision companies.
The aging infrastructure in the United
States requires over $1
trillion in repairs and maintenance, driving demand for more
efficient and accurate inspection methods. Utilities and service
firms often use legacy software that is slow, error-prone and
obsolete, keeping crews and equipment idle 66% of the time. With
its cloud and AI-based solutions, SewerAI is ushering critical
infrastructure management and maintenance into the 21st
century, improving quality, accuracy and efficiency for the
front-line workers who keep North
America's sewers flowing. Using SewerAI's platform,
customers have been able to double the linear feet of inspections
they're able to perform each day while increasing data quality and
shortening turnaround times.
SewerAI will use the funds to expand its engineering and
go-to-market teams, improve AI training, expand its product
offering and scale operations. This will enable further product
enhancements to increase productivity, accuracy and collaboration,
and expand integrations with other solutions.
"This funding round builds on the company's recent successes,
including more than doubling its revenue year-over-year.
SewerAI works with some of the largest utilities and contractors in
the nation, including the city of Houston and the Puris Corporation, and the
company expects to more than double its customer base again
this year. SewerAI continues to expand its partner network and roll
out new, innovative features that improve accuracy and productivity
for frontline workers, including capabilities for running automated
quality checks in the field and powering 3D manhole inspections.
Its AI-based platform is deployed in production and provides
real-live value to end customers, rather than theorized
applications of AI."
Candice S. Miller, public
works commissioner, Macomb County,
Michigan, said: "We've been doing whatever is
necessary with the goal of preventing another underground
infrastructure disaster. Inspections are an important element of
that effort, and using SewerAI software enables us to perform that
task much quicker, more effectively and more efficiently while
saving ratepayers millions of dollars."
Justin Moore, CEO, Innovius
Capital, said: "The U.S. is facing critical infrastructure
challenges, and AI solutions that drive down costs and speed up
remediation will be key. SewerAI's cloud and AI-driven solutions
significantly reduce costs and enhance efficiency and accuracy in
inspecting the 6.8 billion feet of sewer pipes across the nation.
Its advanced technology and robust dataset make it the clear market
leader, enabling field workers to eliminate repetitive tasks and
focus on proactive maintenance and remediation, ultimately
improving critical urban infrastructure management. We are excited
to support SewerAI's growth and impact."
Matthew Rosenthal, founder and
CEO, SewerAI, said: "U.S. municipalities spend about
$50 billion annually just to maintain
their aging pipe infrastructure. Our software has saved tens of
thousands of engineering hours and tens of millions of dollars for
our customers. This new funding round will enable us to expand
our product portfolio and scale as we continue to provide massive
value to our customers and partners."
About SewerAI
SewerAI is a global leader in sewer condition assessment and
inspection data management. Based in Walnut Creek, CA, SewerAI leverages its cloud
inspection management platform (Pioneer™) and AI Computer Vision
tools (AutoCode™) to help wastewater professionals to accelerate
productivity, increase accuracy, and reduce the cost to maintain
and renew aging collection systems. With millions of feet of sewer
data under management by municipalities, environmental services
contractors and engineering firms, SewerAI is revolutionizing
infrastructure assessment and improving environmental health for
people.
For more information, visit
http://www.sewerai.com/ and https://youtu.be/OvkG9MiF2Mo.
Try it today at https://pioneer.sewerai.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sewerai-raises-15-million-series-b-to-modernize-sewer-inspection-using-ai-302174951.html
SOURCE SewerAI