Niricson raises over $10M CAD in Series A to lead the digital revolution in infrastructure condition assessment and risk management

The Future is Now: Transforming Infrastructure Condition Assessment with Predictive Analytics

VANCOUVER, BC, Aug. 2, 2023 /PRNewswire/ - Revolutionary Canadian tech company Niricson announced the successful completion of $10M+ CAD Series A funding round led by MUUS Climate partners, joined by Bentley Systems, Sustainable Development Technology Canada, Export Development Canada, Invest Victoria, Australia, Forward Venture Capital, Techstars, and other investors.

The new influx of resources enables Niricson to:

Expand its global footprint by using robotics, computer vision and acoustic technology, combined with AI to make predictive maintenance of large-scale civil assets (Dams, Spillways, Nuclear Power Plans, Bridges, Airport Runways, Tunnels, etc.) around the world safer, faster, and more efficient.

Accelerate R&D efforts focused on developing the world's first AI-driven predictive analytics Software as a Service (SaaS) platform dedicated exclusively to managing critical infrastructure assets, ensuring asset safety and optimal performance.

Niricson- a pioneer in the digitization of critical infrastructure assets- making them ideal for asset owners of key structures such as hydro dams, bridges, runways, ports, and other civil assets. Through Niricson's technology, clients can improve decision-making processes, optimize maintenance programs, and reduce costs. Targeting high-value infrastructure assets ensures continuous safe operation with maximum efficiency.

With a focus on advanced technology, the company behind AUTOSPEX™ and DRONIC™, utilizes AI, computer vision, and acoustics in combination with machine learning algorithms to provide asset managers and civil engineers critical insights and multi- layered defects visualization including accurate and efficient asset management and condition assessment processes. This helps asset managers minimizing the potential risks associated with a catastrophic failure event and optimize resource allocations for the current condition of their assets.

"We are now serving more than 20 large customers owning dams, bridges, runways, and other critical assets globally. Over the last several years, we have learned a lot and built our products to address the real problem faced everyday by our customers. With our series A raise complete, we now stand ready to drive even greater value for stakeholders while accelerating responsible growth throughout the globe. As a team, we're thrilled by this vote of confidence in our mission and remain resolute in empowering society to tackle its grand challenges head-on. Looking ahead, we embrace the exciting journey that lies before us."

– Harsh Rathod, PhD, CEO & Co-Founder, Niricson

Niricson is a Canadian software company with a mission of making infrastructure safer through data driven condition assessments. Niricson works with asset owners or asset managers such as utilities, federal governments, state governments, and engineering consulting companies to help them inspect, manage, and predict the performance of their assets through time. Founded in 2020, Niricson leverages its proprietary DRONIC™ and AUTOSPEX™ technologies to digitize and automate the inspection of critical infrastructure, enabling its customers to improve safety and risk management through data and actionable insights. Please visit us at www.niricson.com to learn more.

SOURCE Niricson