4M ANALYTICS SECURES $30 MILLION IN SERIES A EXTENSION TO BECOME THE GOOGLE MAPS OF THE SUBSURFACE
Latest funding marks the company's entrance into the US market of subsurface utility mapping
AUSTIN, Texas, Sept. 20, 2022 /PRNewswire/ -- 4M Analytics, the subsurface infrastructure mapping company, announced it has raised an additional $30 million in funding bringing the total raised for its Series A round to $45 million for the Tel Aviv-based analytics company. The funding round was led by global software investor Insight Partners and ITI Venture Capital Partners, with participation from current investors, Viola Ventures and F2 Venture Capital. Also participating in this round were Noam Bardin, former CEO of Waze (acquired by Google), and Nir Erez, the CEO and founder of Moovit (acquired by Mobileye-Intel). The funding will be used to create a map of the United States' subsurface infrastructure and grow their team.
Over the years the subsurface has turned into an enormous maze of utilities, one that was never recorded nor mapped. Every day more and more utilities go into the ground, and without a map, the risk of a utility strike increases creating delayed projects and additional costs. In 2020, there were more than 385,000 unique utility strikes that caused damage to underground utilities.
The United States was facing a $2.6 trillion infrastructure investment debt before the Inflation Reduction Act was signed into law. The gap in investment meant the country dealt with poorly maintained infrastructure, costing individuals and businesses billions of dollars in lost time. Even though the construction industry will now receive additional funding to support the maintenance of the country's infrastructure, it still faces a lack of innovation that will impact the industry's ability to keep pace with the number of infrastructure projects.
4M Analytics' mission is to create the map product for underground infrastructure. The company has developed a digital repository of comprehensive utility data that is reliable, ready to use, and constantly updated. This will help engineers identify and pinpoint underground utilities early in the project lifecycle, accelerating and optimizing their projects. They will plan, bid, design, and build with greater confidence and higher ROI based on 4M's map.
"Until now, the construction industry has been forced to plan in the dark, based on incomplete, unreliable, out-of-date utility information, spending months looking through paper records, chasing contacts over the phone, and looking onsite for utilities, one-by-one and inch-by-inch. When a project is completed the utility data is often forgotten, requiring that the next project starts from scratch to get the same data," said Itzik Malka, CEO and co-founder of 4M Analytics. "To give professional engineers a baseline of utility data that the different project stakeholders can actually agree on, we collect raw data from hundreds of thousands of sources – from remote sensing and satellite imagery to public records, conflate it together using a variety of self-developed AI capabilities, and verify it using both state of the art computer vision and proprietary mapping techniques."
By deploying data at scale, the 4M Analytics product, 4Map, compiles all utility data into one dashboard. With this data, customers can view utility data for countless infrastructure projects simultaneously through an intuitive interface. The mapping resources will decrease the amount of time it takes to locate underground utilities for civil engineering firms, engineering procurement construction firms, contractors, and subsurface utility engineering firms in the transportation, oil and gas, water and electricity, renewable energy, and telecommunications industries.
The funding will be directed towards the company's expansion into the United States, growing their team and scaling the platform. Now, 4M is breaking into the United States' construction industry to help professionals more efficiently update existing infrastructure and support further economic development.
"The opportunity to support a company that brings about valuable and much needed innovation to the construction industry was a huge draw for our investment team. 4M's bold vision, strong leadership, and disruptive potential are a perfect match with Insight's scale-up capabilities," said Nikitas Koutoupes, managing director of Insight Partners. "The team at 4M has proven their subsurface infrastructure remote mapping capabilities across the world, and now, through their soon-to-be-launched platform, they will become the single source of truth for horizontal infrastructure construction."
"I understand what it means to build a map solution that impacts the lives of millions, and I fully-believe in the product and vision the founders have for 4M Analytics," said Noam Bardin, former CEO and founder of Waze. "Their use of future-forward technologies and identification of a market in dire need of a digital overhaul has positioned them to be the first mover in this emerging market."
To receive updates about 4Map and to sign up, please visit www.4manalytics.com.
4M Analytics' mission is to give humanity unprecedented access to underground utilities.. Cohesively mapping and compiling subsurface infrastructures will help usher in a new era of underground mapping that will touch nearly every industry: transportation, oil and gas, water and electricity, renewable energy, and telecommunications. As infrastructure continues to grow, 4M Analytics will be right there defining the next generation of subsurface infrastructure mapping. For more information visit www.4manalytics.com.
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2022, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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