Vialytics has attracted €10 million in series A funding from investors including Scania Growth Capital, which is putting up €6.6 million to drive a doubling in headcount and global expansion of the Stuttgart-based startup's road maintenance AI platform.
Stuttgart-based Vialytics' platform uses AI to automatically record and evaluate the condition of road surfaces using image recognition from the maintenance team's smartphones. Prices vary depending on the length of the road network being evaluated.
The technology can also be affixed to municipal services vehicles, like garbage trucks or buses, for continuous roadside monitoring. In these cases, the smartphone is attached to the windscreen and also deploys motion sensing to record the scale of in-vehicle vibrations, which could indicate a pothole more urgently needs repaired. A GPS receiver in the smartphone is able to record the precise location automatically, meaning the maintenance team can travel to the site and immediately begin to resurface the area.
Patrick Glaser, Vialytics founder and CEO, "This investment makes it possible for us to accelerate our global expansion. We have a strong traction with over 200 customers in predominantly Germany and France.
"We’re already expanding our range of services, and aim to double the number of employees to 120 in the next two years.”
In a press announcement Scania Growth, managed by Stockholm/Berlin investor East Hill Equity, confirmed investing €6.6 million as part of the series A round to help scale up the business model.
Speaking on behalf of East Hill Equity, partner Christian Zeuch, argued the portfolio addition would strengthen Scania's mobility and AI venture play. Zeuchner said: "Vialytics is an ideal fit for Scania Growth Capital’s portfolio.
"The system supports our focus on mobility and AI solutions. Municipalities are now ready for digitisation and this opens up for an attractive market. With the Road Management System, Vialytics found the right gap to be successful in the long term.”