Florida, USA-based cloud-based traffic management system of record for state and local governments Urban SDK received funding in the seed round. The round took place on July 6, 2023. However, it did not disclose the amount of the funding.

GOVO Venture Partners led the financing for the company. DeepWork Capital, Florida Opportunity Fund, Techstars, and venVelo also provided the investment.

Purpose of financing for Urban SDK

With the latest financing, the company seeks to fuel its rapidly expanding footprint across the United States and Canada. Meanwhile, the company has plans to promote the sustained growth it has experienced from the public sector market and the demand they are receiving from the Civil Engineering industry.

What the company’s officials have to add

Justin Dennis, Urban SDK COO and Co-founder, said, “The US continues to lead the world in traffic deaths per capita, vehicle emissions output, and cars sold — it’s a compounding issue. Our cities do not have one platform for traffic engineers to easily access traffic diagnostics for any local road, make decisions to improve traffic safety and efficiency, and quickly communicate with stakeholders. Traffic Management is a $5 Billion market opportunity, and we could not be more excited to solve this problem with GOVO as partners.”

What the investors have to comment

Rob Panepinto, GOVO’s managing general partner, further added, “We expect to see increased demand in the government sector for data-related solutions that enable better decisions and innovation. Urban SDK has already impressed clients with the quality of its solutions and has built a management team with a solid vision for execution and growth. We are excited to work closely with the company and its leadership team, leveraging our knowledge and expertise in the government sector.”

In addition, he said, “Urban SDK is honoured to partner with GOVO, which has an intense focus and experience in the state, local and federal marketplace. With the expertise and network, GOVO and their partners provide, we are poised to double revenue over the next 12 months and further cement our platform as the system of record for Public Works departments.”

About the company 

 Drew Messer and Justin Dennis launched the company in 2018. In 2022, the company grew annual recurring revenue (ARR) by 145% and maintained a net revenue retention of 109%. Urban SDK is a traffic management system of record for state and local governments across North America. The platform delivers diagnostic reports on local roads, GIS visualizations, and cloud-based data storage to public works officials, transportation planners, traffic engineers, and law enforcement officials.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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