The recent investment round was led by Companyon Ventures, with participation from Argon Ventures, AeroX Ventures, Alumni Ventures, MassVentures, Launch Capital, and RiverPark Ventures. This brings the company's total funding to $10 million. Despite the challenges of selling to governments, Cyvl.ai has generated close to $2 million in annual recurring revenue (ARR) in just 2.5 years of operation. The company, which currently has 11 employees, plans to double its workforce by the end of the year.
Key takeaways:
- Cyvl.ai, a firm that helps municipalities and civil engineering firms track the conditions of transportation infrastructure digitally, has announced a $6 million investment.
- The startup uses LiDAR, cameras, and sensors, combined with their own data analytics and geospatial AI pipeline, to create a digital twin of the infrastructure piece and predict repair events.
- Despite the challenges of selling to governments, Cyvl.ai has found success by partnering with external civil engineering firms that conduct road surveys on behalf of cities or towns.
- In just 2.5 years of operation, nearly 200 cities and towns are using their software, generating close to $2 million in annual recurring revenue (ARR).