By Amit Chowdhry • Jun 23, 2024
SewerAI, a leader in AI and cloud-driven sewer condition assessment, announced the completion of a $15 million Series B funding round. This funding round was led by Innovius Capital, with additional funding from Emerald VC, Epic Ventures, Suffolk Technologies, 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.
This aging infrastructure in the US requires over $1 trillion in repairs and maintenance, driving demand for more efficient and accurate inspection methods. And utilities and service firms often use legacy software that is slow, error-prone and obsolete, keeping crews and equipment idle 66% of the time.
Through its cloud and AI-based solutions, SewerAI is driving critical infrastructure management and maintenance, improving quality, accuracy, and efficiency for the front-line workers who keep North America’s sewers flowing. With SewerAI’s platform, customers have been able to double the linear feet of inspections they perform each day while increasing data quality and shortening turnaround times.
SewerAI will use the funding to expand its engineering and go-to-market teams, improve AI training, expand its product offering and scale operations. And this will enable further product enhancements to increase productivity, accuracy and collaboration, and expand integrations with other solutions.
KEY QUOTES:
“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.”
— Company statement
“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.”
– Candice S. Miller, public works commissioner, Macomb County, Michigan
“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.”
– Justin Moore, CEO, Innovius Capital
“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.”
– Matthew Rosenthal, founder and CEO, SewerAI
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