Zurich, Switzerland: Emerald Technology Ventures announced Thursday that it has led an investment round in water infrastructure service provider SewerAI, marking a significant new addition to the venture capital firm’s water portfolio. Based in the San Francisco Bay Area, SewerAI leverages advanced artificial intelligence algorithms to enhance sewer infrastructure diagnostics, lowering costs and streamlining operations for municipalities and the contractors and engineers they work with.
Emerald’s water fund, established in 2020, led the round, which also included existing backers Bentley Systems, Builders VC, Epic Ventures, BRIIA and Burnt Island Ventures. Emerald’s flagship fund focusing on industrial innovation also contributed to the deal.
The investment comes amid a burst of energy toward infrastructure modernization, following the recent passage of a major funding bill in the US that is expected to funnel billions to desperately needed water improvement projects. SewerAI intends to add headcount to satisfy growing demand for its services, with ambitious goals to inspect 25 million feet of piping and help cities identify at least 10,000 undiscovered problems in 2022, according to CEO and co-founder Matthew Rosenthal.
Emerald intends to help SewerAI by leveraging its expertise in connecting companies working to solve the hardest technical challenges in sustainable and green infrastructure. Emerald’s extensive network of corporate investors around the world is a major aspect of its appeal, according to Rosenthal.
“We are thrilled to partner with Emerald as we embark on the next chapter of our rapid growth,” Rosenthal said.
“SewerAI provides technology that triples sewer inspection productivity, enabling utilities to address aging infrastructure and compliance cost-effectively,” said water fund head Dr. Helge Daebel, who will also join SewerAI’s board following this funding round. “Its solutions are truly game changing and we’re excited about its prospects in a space ripe for disruption.”