AiDash, which uses AI and satellite imagery to track infrastructure, has raised $27 million in series B funding. The money will go towards expanding the workforce and developing the platform. This investment follows a round of $33 million raised to date. VentureBeat has an ethics policy in place that Wiggers is committed to upholding.
Data shows 30% increase in bank deal-flow acceptance rate
The differences between US and European banks are reflected in the ROE. The largest banks have a higher ROE compared to the rest, and the ratio between cost and assets is higher in Scandinavian and Asian countries. In the US, a typical household generates $2,700 in annual banking revenues after risk costs. In Europe, a self-employed customer with a bachelor’s degree and $100,000 income generates a much higher ROE than the average household.
As new ecosystems develop, banks face a strategic crossroads. They are not likely to catch up to the tech giants, but they have a vast customer base that they can leverage. As a result, banks need to ramp up their innovation metabolism. For example, Brazil’s digital NuBank aims to promote financial inclusion and provides credit cards and personal loans to 50 million customers. It uses proprietary algorithms to overcome the hurdle.
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Kyle Wiggers is a senior reporter at TechCrunch. He has also written for the websites VentureBeat and Digital Trends. He is also a contributor to Android Authority, Droid-Life, and XDA-Developers. He lives in Brooklyn with his partner and dabbles in piano.
AiDash raises $27 million in Series B funding
AiDash is a Santa Clara-based startup that provides AI-powered vegetation management for utilities. Its software is powered by satellite imagery and combines it with data from the ground to automate operations. Its solutions can help utilities avoid and prevent wildfires and minimize storm damage. The company has already signed over thirty customers in the United States and the United Kingdom, including energy and water utilities. Its technology is also being used in mining and construction industries.
The founders of AiDash built the company without external funding and grew the company to be profitable and highly successful. Their first major customer was Entergy, a Fortune 500 utility. In time, they expanded their business to include disaster mitigation and resilience, and have expanded into other industries as well. With the funding they have received, they plan to hire more employees and continue to build their platform.
The startup was founded by two serial entrepreneurs who wondered whether satellite imagery could provide more information about a particular location. They teamed up with Nitin Das, an IIT graduate, who possesses expertise in product development, engineering, and data science. At the time, artificial intelligence had already become an established technology, and the need for accurate information quickly was growing among utilities.
AiDash is a San Jose-based company that provides operations and sustainability solutions. Haven, a New York-based company that provides mortgage servicers with a homeownership platform, raised $8 million in Series A funding led by Fifth Wall and others. Another San Francisco-based company is Retirable, which offers retirement solutions for mortgage servicers. Its Series B funding was led by Vestigo Ventures and Global Health Investment Corporation.
AiDash aims to establish its presence in the energy and utility industries through its AI software and solutions. Its software is satellite-powered and leverages synthetic aperture radar and high-resolution multispectral imagery to train artificial intelligence models. The AI models help predict disasters and make maintenance decisions.