Risk management platform startup Urbint Inc. announced today that it has raised $35 million through a strategic investment from S2G Ventures for further development of its resiliency and storm response solutions for utilities.
Founded in 2015, Urbint offers an artificial intelligence-powered platform for identifying and mitigating threats to workers, critical infrastructure and communities. The company’s main platform, called Urbint for Storm Response, offers a centralized platform for managing the entire storm and natural disaster response process – from handling logistics to managing emergency work and allocating resources in real time.
Urbint’s AI-powered risk mitigation solutions allow utilities to identify threats and target their resources to prevent incidents and improve safety and reliability. The platform surfaces risk at the point of work, enabling energy and infrastructure companies to prevent worker injuries and asset damages.
The company’s customers include some of the largest utilities in the U.S. and the U.K., including The Southern Co., Exelon Corp. and National Grid plc. They use its products to help them protect underground infrastructure, prevent serious injuries and fatalities and respond to and restore power faster after major weather events.
“As we have seen in recent months, the higher frequency and intensity of storms poses a significant threat to our energy infrastructure,” said Bala Nagarajan, managing director of S2G’s energy investment team. “Our view is that resiliency against extreme weather events is of the utmost importance for utilities and there is a strong urgency to invest in mitigation and adaptation measures.”
He added that Urbint’s software offers utilities the ability to adapt to climate change while improving grid uptime and safety. “We believe that Urbint is poised to play a pivotal role in transforming how utilities manage risk and battle climate change,” he said.
Including the new funding, Urbint has raised $144 million to date, including a round of $60 million in August 2021. Other investors in the company include Energize Ventures, American Electric Power Co. Inc., OGCI Climate Investments LLP, Energy Impact Partners LP, National Grid Partners Corp., Blue Bear Capital and Salesforce Ventures.