Niricson, a Canada-based tech company, raised over $10 million CAD in a Series A funding round led by MUUS Climate partners.
Bentley Systems, Sustainable Development Technology Canada, Export Development Canada, Invest Victoria, Australia, Forward Venture Capital, Techstars, and other investors, also participated in the round.
With the new funding, Niricson aims to achieve two primary objectives:
Expand its global footprint by using robotics, computer vision, and acoustic technology, combined with AI to make predictive maintenance of large-scale civil assets (Dams, Spillways, Nuclear Power Plans, Bridges, Airport Runways, Tunnels, etc.) around the world safer, faster, and more efficient.
Accelerate R&D efforts focused on developing the world's first AI-driven predictive analytics Software as a Service (SaaS) platform dedicated exclusively to managing critical infrastructure assets, ensuring asset safety and optimal performance.
Niricson's digitization of critical infrastructure assets caters to asset owners of essential structures like hydro dams, bridges, runways, ports, and other civil assets. Through Niricson's technology, clients can improve decision-making processes, optimize maintenance programs, and reduce costs.
The company’s products, AUTOSPEX™ and DRONIC™, utilize AI, computer vision, acoustics, and machine learning algorithms to provide asset managers and civil engineers with critical insights and multi-layered defect visualization.
"We are now serving more than 20 large customers owning dams, bridges, runways, and other critical assets globally. Over the last several years, we have learned a lot and built our products to address the real problem faced everyday by our customers. With our series A raise complete, we now stand ready to drive even greater value for stakeholders while accelerating responsible growth throughout the globe. As a team, we're thrilled by this vote of confidence in our mission and remain resolute in empowering society to tackle its grand challenges head-on.Looking ahead, we embrace the exciting journey that lies before us." Harsh Rathod, Ph.D., CEO & Co-Founder, Niricson
Company: Niricson Software, Inc.
Raised: $10.0M+ CAD
Round: Series A
Funding Month: August 2023
Lead Investors: MUUS Climate partners
Additional Investors: Bentley Systems, Sustainable Development Technology Canada, Export Development Canada, Invest Victoria, Australia, Forward Venture Capital, and Techstars
Company Website: https://niricson.com/
Software Category: AI-driven Predictive Analytics SaaS Platform
About the Company: Founded in 2020, Niricson is a software company with a mission of making infrastructure safer through data-driven condition assessments. Niricson works with asset owners or asset managers such as utilities, federal governments, state governments, and engineering consulting companies to help them inspect, manage, and predict the performance of their assets over time. Niricson leverages its proprietary DRONIC™ and AUTOSPEX™ technologies to digitize and automate the inspection of critical infrastructure, enabling its customers to improve safety and risk management through data and actionable insights.
Source: https://www.prnewswire.com/news-releases/niricson-raises-over-10m-cad-in-series-a-to-lead-the-digital-revolution-in-infrastructure-condition-assessment-and-risk-management-301891051.html