SewerAI Acquires funding from Bentley iTwin Ventures to Expand Digital Twin Capabilities in Wastewater Space

Rhea-AI Summary

SewerAI, a leader in sewer condition assessment, has secured $1.5 million in a venture funding round from Bentley Systems through the Bentley iTwin Ventures Fund. This funding aims to enhance SewerAI's AI-based solutions for sewer inspections. The company's cloud platform, AutoCode™, improves the efficiency and accuracy of inspections, addressing a critical need in managing aging sewer infrastructure. With the support of Bentley, SewerAI will further develop its offerings, contributing to environmental health by aiding municipalities in complying with regulations like the Clean Water Act.

Positive

• Secured $1.5 million funding from Bentley, enhancing financial strength.
• Funding will be used to expand digital twin capabilities, potentially increasing market competitiveness.
• SewerAI’s technology promises significant operational efficiencies, potentially saving clients millions in inspection costs.

Negative

• None.

WALNUT CREEK, Calif., Oct. 22, 2021 /PRNewswire/ -- SewerAI, a global leader in use of AI computer vision and Cloud computing sewer condition assessment, today announced that Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, participated in SewerAI's $1.5m venture round through the Bentley iTwin Ventures Fund. Bentley joined Burnt Island Ventures, Builders VC, and EPIC Ventures among others in this round.

SewerAI Acquires funding from Bentley iTwin Ventures to Expand Digital Twin Capabilities in Wastewater Space

SewerAI uses artificial intelligence and computer vision to inspect, identify and analyze sewer infrastructure defects. SewerAI's AI, cloud-based software AutoCode™ significantly enhances and accelerates sewer infrastructure inspections. SewerAI was established by sewer infrastructure inspection technology veterans Matthew Rosenthal, SewerAI's CEO, and Billy Gillmartin, SewerAI's CRO, to address the massive problem of aging pipe infrastructure. US municipalities alone spend approximately $50 billion each year maintaining this infrastructure, mainly using manual inspections, data delivered via physical disks, and desktop-based software. SewerAI harnesses the power of artificial intelligence and computer vision, along with a cloud workflow platform to automatically detect pipeline defects, allowing sewer inspections to be completed in a fraction of the time with increased accuracy. SewerAI's machine learning training dataset consists of millions of feet of labeled video inspection data, growing daily, all manually reviewed and validated. Since the launch of SewerAI's Pioneer platform in late Q1 this year its users have uploaded more than 1.5M feet of inspection data and watched over a 1000 hours of video footage.  To date SewerAI has saved over 45,000 engineering hours and millions of dollars for their customers. 

SewerAI's Co-Founder and CEO, Matthew Rosenthal, said, "SewerAI is thrilled to welcome Bentley Systems as an investor in our growing company. At SewerAI we are automating and modernizing the traditionally cumbersome, slow, and costly process of inspecting and maintaining sewer pipes. We're also excited by developments in the market, as one of the largest sewer utilities in North America, the City of Houston, has recently chosen SewerAI to implement critical aspects of its obligations under the Clean Water Act, enabling this utility to eliminate environmentally damaging sewer overflow events which pose risks to public health. With Bentley Systems' support and their iTwin platform, SewerAI will continue to develop best-in-class solutions across the entire wastewater infrastructure life cycle. Having Bentley as part of our investment and advisory team will help guide SewerAI to deliver the highest possible value to both our customers and our shareholders."

Bentley's Chief Acceleration Officer, Santanu Das said, "Matt and Billy bring a unique combination of technical capabilities and operational expertise in the sewer industry, each having spent more than 10 years in the space. This experience shows in how quickly they have progressed the SewerAI platform and team.  SewerAI is targeting a profound operational challenge in water infrastructure – prompt, accurate and cost-effective inspections. We envision that SewerAI would leverage Bentley's iTwin platform to enable sewer digital twins to be evergreen by augmenting them with real time defect classification through AI on sewer pipe videos."

"We are excited to be supporting and joining Matt, Billy and the entire SewerAI team as they improve water infrastructure management," said Tom Kurke, Vice President of Bentley Systems' iTwin Ventures.  Mr. Kurke continued, "We appreciate the opportunity to join this round and excited to be investing alongside a fantastic syndicate. We invite companies like SewerAI which are developing transformative infrastructure digital twin solutions to reach out so that we can start a conversation."

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

 

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SOURCE SewerAI Corporation

FAQ

What is the significance of Bentley's investment in SewerAI?

Bentley's $1.5 million investment is aimed at enhancing SewerAI's digital twin capabilities, which could improve sewer inspection processes.

How does SewerAI's AutoCode™ technology work?

AutoCode™ uses AI and cloud-based software to automate sewer inspections, increasing accuracy and efficiency compared to traditional methods.

What impact will this funding have on SewerAI's operations?

The funding will allow SewerAI to develop its technology further, offering better solutions for sewer infrastructure management and helping municipalities fulfill regulatory obligations.

How much money did SewerAI raise in this funding round?

SewerAI raised $1.5 million in this funding round, led by Bentley Systems.

What are the expected benefits of Bentley’s involvement in SewerAI?

Bentley’s expertise and resources are expected to guide SewerAI in enhancing its services, potentially leading to better value for customers and shareholders.