Gridwise Inc. has raised $5.61 million of seed funding from Innovation Works, Fontinalis Partners and Swallow Point Ventures, putting the company’s pre-money valuation at $4 million, according to PitchBook.
Alumni Ventures Group, Right Side Capital Management, Mountain State Capital, Startbot, Beni Venture Capital, AlphaLab, Techstars, Ted Serbinski, Luis Von Ahn, Severin Hacker, Audrey’s Kitchen, Quaker Capital Management and other undisclosed investors also participated in the round.
The Pittsburgh startup, which was founded in 2016, is developing a web and mobile based peer-to-peer platform designed to improve the performance and overall driving experience. The company provides real-time insights into events and activities related to weather and peak periods of airport traffic volumes in the city, enabling drivers to increase the number of trips they make daily and also increase their rideshare earnings.
Gridwise was co-founded by CEO Ryan Green and CTO Brian Finamore.