Urbint, a software startup that can benefit insurers and risk managers, raised a $60 million venture capital round that will help the company scale its technology and develop new products.
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.
Urbint, based in New York, focuses on incident prevention software. The company’s target audience includes infrastructure companies using its software to stop failures, damages, and worker injuries before they happen.
Urbint CEO and founder Corey Capasso said the funding is timely, hitting as Congress contemplates massive levels of 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 in prepared remarks. “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. Urbint’s customers include National Grid, Southern Company, and many other top energy and infrastructure companies, according to the company.