Enview, a Lemnos portfolio company, announced $6 million in Series A funding last month. Enview provides 3D geospatial data analytics to help pipeline and power line industry customers enhance safety and reliability by detecting threats and preventing incidents.
A 2017 report from the US Department of Energy notes the US energy transmission and distribution infrastructure includes over 7.2 million miles of electric power lines and 2.6 million miles of oil and natural gas pipelines. This infrastructure, however, is aging and highly vulnerable to extreme weather events and human activity. According to the US Department of Transportation’s Pipeline and Hazardous Materials Safety Administration, there have been 11,458 pipeline incidents over the past 20 years, costing $7 billion in damages and resulting in 1,337 injuries and 323 deaths.
Enview combines expertise in remote sensing, computer vision, and geospatial big data to allow operators to see the invisible and use today’s data to predict future threats. Enview’s platform uses massively parallel cloud computing, 3D computer vision, and artificial intelligence to process large-scale datasets and generate actionable reports on the infrastructure significantly faster than prior methods.
Enview will use the new round of capital to scale deployment of their technology to some of North America’s largest pipeline and power line operators. This financing round is led by Crosslink Capital. Lemnos, Promus Ventures, and Skype co-founder Toivo Annus also participated in the round.
“We are grateful to have Lemnos as investors. They supported us from Enview’s inception,” says Krassimir Piperkov, Enview Co-Founder and COO. “Lemnos helped us finalize the initial idea with which we started fundraising. Subsequently, they helped us refine our idea, and as a result, we are now serving our clients’ needs better and on a larger scale than we could have with our original concept.”
In addition to the current funding round, Enview welcomed Crosslink Capital Partner Matt Bigge and Lemnos Partner Helen Boniske to the Enview Board of Directors.
“Helen has been extremely helpful and supportive, and we wanted to make it a formal Board-level relationship,” says Piperkov. “With the larger Lemnos community, you don’t feel alone in this rollercoaster adventure. There are a lot of very experienced and connected people who offer valuable advice on hiring, developing, and retaining great people.”
Enview’s team continues to grow, and the company is poised to expand beyond the energy sector to other industries that may benefit from Enview’s geospatial analytics platform. According to Research and Markets, the geospatial analytics market is projected to grow from $31 billion in 2016 to $74 billion by 2021.
To learn more about Enview and its current job openings, visit the company’s website.