CMU-founded road surface analytics technology creator RoadBotics has now raised at least $11.4m, having signed up Radical Ventures and Hyperplane VC to its series A.
RoadBotics, a US-based predictive road inspection tool creator spun out of Carnegie Mellon University, has closed a $7.5m series A round led by artificial intelligence (AI)-focused venture fund Radical Ventures.
Deep tech-focused VC firm Hyperplane Venture Capital took part in the round, together with syndicate Wharton Alumni Angels of Silicon Valley and undisclosed additional investors.
Founded in 2016 out of Carnegie Mellon’s Robotics Institute, RoadBotics markets an artificial intelligence and computer vision-driven platform dubbed RoadWay that helps local governments determine which road surfaces require maintenance.
The cloud-hosted platform features a colour-coding scale that categorises the condition of each 10-foot road segment, enabling decision-makers to quickly identify spots in need of attention.
RoadBotics claims the service is used by more than 150 municipal authorities across several countries. The series A capital will go to supporting its growth strategy and developing new products centred on infrastructure asset management.
RoadBotics spun out under the helm of chief executive Mark DeSantis, an adjunct professor in Carnegie Mellon’s College of Engineering.
DeSantis was joined starting the company by RoadBotics chief scientist Christoph Mertz, a principal project scientist at the institute specialised in intelligent vehicles and autonomous driving, and chief technology officer Benjamin Schmidt, formerly of energy data analytics platform creator Kwantera.
RoadBotics last procured $3.9m in a November 2018 seed round led by Hyperplane Venture Capital.
A press release for the seed round mentioned state government-backed Innovation Works, accelerator Urban-X, venture fund Urban Us, Radical Ventures, Wharton Alumni and Innovation Works as investors, without expressly confirming their involvement in the seed round. RoadBotics’ other backers include venture capital firm Stout Street Capital.