US-based Utilis, a satellite-based infrastructure intelligence provider, raised US$ 6M from Beringea, a transatlantic venture capital firm on 24 March 2021.
Purpose of the funding: The funding will be utilized by the company to accelerate the growth of its data-driven analytics that detects water leaks and infrastructure asset management, considering the desperate need for resource preservation around the world due to the climate change crisis.
About Utilis
Utilis was founded in 2013 by Lauren Guy, who is a scientist specializing in atmospheric physics and dynamics. He studies the ability of space-based synthetic aperture radar (SAR) data to detect underground water on Mars. Utilis solutions are based on his patented algorithm that he developed through this research, harnessing satellites to spot underground leaks in water supplies around the world. Utilis has around 40 employees and has offices in the USA, Israel, and the UK. The CEO of Utilis is Elly Perets, a software entrepreneur.
The company’s potable leak detection product was commercialized in 2016. To date, it has completed around 250 projects in countries including the United States, Italy, UK, Chile, China and South Africa, saving customers close to 5,000 million gallons a year.
Europe wastes over 20 percent of treated water in distribution systems, 75 percent of which could be recovered. This is an opportunity to safeguard the supplies threatened by climate change. Utilis aims to provide a more productive system for detecting leaks than traditional methods, by harnessing its global satellite network.
What the CEO has to say: “We have been looking for a partner that was the right fit for Utilis and we are pleased that we finally found that in Beringea. We look forward to growing our product line into new verticals in industries such as transportation and mining to help them solve problems caused by underground water.” — Elly Perets, CEO of Utilis.
What the investors have to say: “With worsening climate change, water scarcity is, and will increasingly become a top national priority for many countries. There is a clear environmental, social and financial imperative to better protect water resources around the world. The Utilis team has developed a remarkably accurate and effective solution to this problem, removing the need for costly and inefficient physical sensors through the pioneering use of satellite data. Utilis’ data solution is truly scalable and there is now a clear opportunity for Utilis to scale up its commercial and environmental impact worldwide.” — Eyal Malinger, Investment Director at Beringe.
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