The recent financing marks the Company’s entry into the US underground utility mapping market
Austin, Texas, September 20, 2022 /PRNewswire/ — 4M Analytics, the underground infrastructure mapping company, announced that it has raised an additional sum 30 million dollars on funding that brings the sum raised for its Series A round 45 million dollars for the Tel Aviv-based analytics company. The funding round was led by a global software investor Insight Partners and ITI venture capital partnerwith the participation of current investors, Viola Ventures and F2 venture capital. Also involved in this round Noam Bardinformer CEO of Waze (acquired by Google), and Nir Erez, the CEO and founder of Moovit (acquired by Mobileye-Intel). Funding is used to create a map The United States’ underground infrastructure and expand their team.
Over the years, the underground has turned into a vast maze of utilities that has never been recorded or mapped. More and more utilities are going into the ground every day, and without a card, the risk of a supply strike increases, resulting in delayed projects and extra costs. In 2020 they were more than 385,000 unique utility strikes causing damage to underground utilities.
The United States stood in front of you $2.6 trillion Debt from infrastructure investments Before the Anti-Inflation Act was incorporated into the law. The investment gap meant the country had to contend with poorly maintained infrastructure, costing individuals and businesses billions of dollars in lost time. Even as the construction industry now receives additional funding to help maintain the country’s infrastructure, it still faces a lack of innovation that will hamper the industry’s ability to keep up with the number of infrastructure projects.
4M Analytics’ mission is to develop the mapping product for underground infrastructure. The company has developed a digital repository of comprehensive supply data that is reliable, ready to use, and constantly updated. This will help engineers to identify and locate underground utilities early in the project lifecycle and accelerate and optimize their projects. You 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“Until now, the construction industry has been forced to plan in the dark based on incomplete, unreliable, outdated utility information, spend months sifting through paper records, tracing contacts over the phone, and searching for utilities on-site -by-one and inch- by inch. When a project is complete, supply data is often forgotten, so the next project has to start over to get the same data,” he said Itzik MalkaCEO and co-founder of 4M analytics. “To give professional engineers a baseline of utility data that the various project stakeholders can actually agree on, we collect raw data from hundreds of thousands of sources – from remote sensing and satellite imagery to the public record, merging it using a variety of self- developed AI capabilities and verify them using state-of-the-art computer vision and proprietary mapping techniques.”
By providing data at scale, the 4M The analysis product 4Map summarizes all supply data in one dashboard. With this data, customers can view utility data for countless infrastructure projects simultaneously through an intuitive user interface. The mapping resources will reduce the time it takes to locate underground utilities for civil engineering contractors, contractors for engineering procurement, contractors and underground utilities in the transportation, oil and gas, water and power, renewable energy and telecommunications industries.
Funding is being directed towards the company’s expansion in The United States, expand the team and scale the platform. Now, 4M breaks in The United States’ Construction industry to help professionals upgrade existing infrastructure more efficiently and support further economic development.
“The opportunity to back a company that is creating valuable and much-needed innovation for the construction industry was a major draw for our investment team. 4M’s bold vision, strong leadership and game-changing potential are a perfect match for Insight’s scale-up capabilities,” said Nikitas Koutoupes, Managing Director of Insight Partners. “The team of 4M has demonstrated its capabilities in remote mapping of underground infrastructure worldwide and will now become the single source of truth for horizontal infrastructure construction through its soon-to-be-launched platform.”
“I understand what it means to create a card solution that impacts the lives of millions of people and I believe strongly in the product and the vision of the founders 4M analytics,” said Noam Bardin, former CEO and founder of Waze. “Their use of pioneering technologies and identification of a market in dire need of a digital overhaul has positioned them to be at the forefront of this emerging market.”
To get updates on 4Map and to sign up, please visit www.4manalytics.com.
Around 4M Analytics:
4M analytics‘ Mission is to provide humanity with unprecedented access to underground utilities. The coherent mapping and assembling of underground infrastructure will help usher in a new era of underground mapping that will affect almost every industry: transportation, oil and gas, water and electricity, renewable energy and telecommunications. As the infrastructure continues to grow, 4M Analytics will define the next generation of underground infrastructure mapping right there. For more information visit www.4manalytics.com.
About Insight Partners:
Insight Partners is a global software investor that partners with high-growth technology, software and internet startups and scale-ups that are driving transformative change in their industries. away June 30, 2022the company is over $80 billion in regulated assets. Insight Partners has invested in more than 700 companies worldwide and supported over 55 portfolio companies in their IPOs. headquarters in NYCInsight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund and partner with visionary leaders and provide them with hands-on, hands-on software know-how to fuel long-term success. Insight Partners meets great software leaders where they are on their growth journey, from their initial investment to their IPO. For more information on Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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SOURCE 4M analytics