Urbint raises $60M to scale up its risk management platform
Risk management platform startup Urbint announced today it has raised $60 million in new funding to scale up its technology and introduce new solutions to meet the rising demand for its incident prevention software.
Energize Ventures led the Series C round in the company, which is formally named Off Market Data Inc. Other investors include American Electric Power, OGCI Climate Investments, Energy Impact Partners, National Grid Partners, Blue Bear Capital and Salesforce Ventures.
Founded in 2015, Urbint pitches itself as the leading artificial intelligence platform for predicting and stopping threats to critical infrastructure and workers. Critical infrastructure companies use the company’s platform to stop failures, damages and worker injuries before they happen.
The platform is said to empower infrastructure providers with insights and tools needed to prevent incidents. The service has a “risk-first, actionable insights focus” through its Urbint Lens platform, which analyzes millions of opportunities for risk to deliver clear insights. The platform is designed to fit into existing workflows to understand and assign actions in one interface.
Under the hood, Urbint’s platform uses AI and machine learning to analyze and produce critical insights quickly. The predictive AI improves as users record new outcomes as their infrastructure, operations and surrounding environments change.
Notable Urbint customers include NationalGrid plc, Dominion Energy Inc., Southern Company Gas, Puget Sound Energy, Baltimore Gas and Electric Company, National Fuel Gas Co. and Consolidated Edison Inc.
The funding for Urbint comes after the U.S. has passed a historical infrastructure spending bill that will see $1 trillion spent on new infrastructure. That new infrastructure requires risk management, and that’s where Urbint steps in.
“America’s infrastructure is at an inflection point,” Corey Capasso, founder and chief executive officer of Urbint, said in a statement. “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. Our technology equips the nation’s energy and infrastructure companies with AI to prevent everything from fires, outages and explosions to tragic worker accidents.”
Including the new funding, Urbint has raised $109 million to date.
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