SewerAI Raises $15 Million Series B to Modernize Sewer Inspection Using AI

Cloud software and AI power faster and more accurate inspections for municipalities and contractors.

Walnut Creek, CA — June 18, 2024 — SewerAI, a global leader in AI and cloud-driven sewer condition assessment, today announced the completion of a $15 million Series B funding round. The round was led by Innovius Capital, with additional funding from Emerald VC, Epic Ventures, Suffolk Technologies, Bentley Systems, and Burnt Island Ventures. Notable individual investors include Zachary Bookman, founder and CEO of OpenGov, and the CEOs of several elite AI and computer vision companies.

Addressing a $1 Trillion Infrastructure Challenge

The aging infrastructure in the United States requires over $1 trillion in repairs and maintenance, driving urgent demand for more efficient and accurate inspection methods. Despite the scale of the problem, utilities and service firms have long relied on legacy software that is slow, error-prone, and obsolete — keeping crews and equipment idle an estimated 66% of the time.

With its cloud and AI-based solutions, SewerAI is ushering critical infrastructure management and maintenance into the 21st century, improving quality, accuracy, and efficiency for front-line workers who keep North America's sewers flowing. Using SewerAI's platform, customers have been able to double the linear feet of inspections they perform each day while simultaneously increasing data quality and shortening turnaround times.

Strong Momentum and Rapid Growth

This funding round builds on a period of significant momentum for SewerAI, including more than doubling its revenue year-over-year. The company works with some of the largest utilities and contractors in the nation — including the City of Houston and Puris Corporation — and expects to more than double its customer base again this year.

SewerAI continues to expand its partner network and roll out innovative new features that improve accuracy and productivity for frontline workers. Recent capabilities include automated quality checks in the field and 3D manhole inspections. Critically, SewerAI's AI-based platform is deployed in production and delivers real, live value to end customers — not theorized applications of AI.

How the Funds Will Be Used

SewerAI will deploy the new capital across several strategic priorities:

• Expanding engineering and go-to-market teams
• Improving AI training and model accuracy
• Expanding the product offering and scaling operations
• Deepening integrations with complementary solutions
• Enhancing productivity, accuracy, and collaboration across the platform

What Customers Are Saying

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

Investor Perspective

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

A Message from SewerAI's Founder and CEO

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

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 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.

Source: PR Newswire