RailVision Analytics, a Montreal, QC-based company powering the railway industry into a new era of cleantech, announced that it closed a $4 million (CAD$5.5 million) seed funding.
The round was led by Trucks Venture Capital, with participation from new investors MUUS Climate Partners, Blackhorn Ventures, Incite.org, and Measured Ventures, and returning investors Active Impact Investments and Neil Murdoch.
The funds will be used for technical hiring, growing its product development team, and expanding its product line and customer base.
“The rail industry is the backbone of global supply chains and responsible for moving the majority of the world’s raw and finished materials. It also happens to be the most efficient – and environmentally friendly – transportation industry by nearly four times, yet is often overlooked in terms of opportunities for growth and innovation,” says Dev Jain, founder, and CEO of RailVision. “This seed investment enables us to disrupt this status quo by developing technology that can drive growth and introduce innovation to this strong but stable industry, while further reducing its environmental impact. The funding also enables us to significantly expand our reach and deliver a robust solution for the larger Class I market.”
RailVision was launched in 2020 with the goal of helping the railway industry in lowering its fuel consumption and greenhouse gas (GHG) emissions.
RailVision flagship EcoRail is a lightweight app used on a crew tablet. It has been in pilot testing with several companies over the last year, including Genesee & Wyoming, Metrolinx, the Port of Montreal, and Via Rail. All passenger and freight shortline railroads can now deploy the app commercially.
Company: RailVision Analytics
Raised: $4.0M
Round: Seed Round
Funding Month: December 2022
Lead Investors: Trucks Venture Capital
Additional Investors: MUUS Climate Partners, Blackhorn Ventures, Incite.org, Measured Ventures, Active Impact Investments, and Neil Murdoch
Company Website: https://www.railvision.ca/
Software Category: GPS Navigation Software
About the Company: RailVision Analytics is a new and innovative software company in the rail industry. It strives to be a leader in advanced data analysis within the rail industry to maximize train efficiency and performance, and minimize GHG emissions. It uses the power of AI to reduce GHG emissions, and fuel consumption, and improve safety in the rail industry. RailVision’s flagship EcoRail app was launched in 2021 to mitigate skyrocketing fuel prices by lowering consumption, reducing emissions, improving crew safety, monitoring operation compliance, and reducing wear on equipment for the $100B North American rail industry. Its mission is to drive the rail industry into a new era with clean technology and business practices that maximize rail's value to society.
Source: https://www.businesswire.com/news/home/20221130005374/en/RailVision-Raises-US4MM-in-Seed-Funding-to-Lower-Fuel-Costs-and-Greenhouse-Gas-Emissions-in-the-Railway-Industry