RoadBotics has closed a $7.5 Million Series A investment round lead by AI-focused venture capital fund Radical Ventures of Toronto. Other investors include Boston’s Hyperplane Venture Capital and Wharton Alumni Angels of Silicon Valley.
Pittsburgh-based RoadBotics, which grew out of Carnegie Mellon University research into standardizing road assessment using artificial intelligence, has more 150 customers in 23 U.S. states and 11 countries. It has raised $11.4 million over five rounds, according to Crunchbase.
“This fresh capital, together with Radical’s vast network and artificial intelligence domain expertise, will enable us to grow even faster, and ultimately to extend our reach into other vertical markets,” RoadBotics CEO Mark DeSantis said in a statement. “No one understands the impact deep learning is and will have on the management of large-scale public infrastructure like the Radical team who previously built their own deep learning company. They share our vision of AI helping to create a safer, better future.”
Radical Ventures recently launched a $350 million fund focused on AI applications. It is one of the largest AI-focused funds in the world.
RoadBotics was formed from the research of Chief Scientist Christoph Mertz, a researcher at the Carnegie Mellon University Navigation Laboratory, which itself is an early pioneer in the application of machine vision to autonomous navigation.
“I thought: ‘Why not use this tech to assess the roads on which our autonomous vehicles drive?’” Mertz commented. “That’s when I knew this could be a big business.”
RoadBotics was formed shortly thereafter in December 2016, with the help of the CMU NavLab, Traffic21 and its affiliated University Transportation Centers.