Daniel Pelaez, co-founder and CEO of Cyvl.ai, identified an opportunity to help municipalities and civil engineering firms track transportation infrastructure conditions and needs, after noticing a lack of software for monitoring road repairs at a local public works department.
What’s Happening & Why This Matters
Cyvl.ai recently secured a $6 million investment, based on its goal to bring digital innovation to transportation infrastructure maintenance for roads, highways, sidewalks, airports, and rail. Using sensors, Light Detection and Ranging (LiDAR), cameras, and data analytics, the startup aims to provide better, more cost-effective transportation data to governments and engineering firms.
Despite the challenges of selling to governments, Cyvl.ai has over 200 cities and towns using its software, with approximately $2 million in annual recurring revenue. The company, born just 2.5 years ago near Boston, has grown to 11 employees. It received significant funding from numerous investors as it continues to work towards expanding its operations.
TF Summary: What’s Next
Cyvl.ai is poised for continued growth, with a focus on leveraging technology to enhance infrastructure management and planning. With the backing of investors and a growing client base, Cyvl.ai is positioned as a significant player in the digitalization of transportation infrastructure.