California-based startup Felt has set aside $15 million for a platform that allows customers to build custom geospatial maps using generated AI.
Starting in 2021, the startup has designed software tools that transform user location data points into map visualizations tailored to the business or individual needs, including monitoring assets for maintenance and project planning.
“Cities and businesses rely on maps to run their businesses,” co-founder and CEO Sam Hashemi told Business Insider.
Traditionally, companies have used geographic information systems. This helped me to combine maps and data points to make decisions, such as the number of cars using a particular road.
“We're building the latest version of this business mapping software,” Hashemi said.
Felt pivoted to an AI-first platform where users enter several natural language prompts to generate the required applications, such as maps, charts, dashboards, and more.
Felt's AI-driven platform can generate maps via user prompts. I felt it.
Startups have a wide range of use cases and customers, from NGOs to insurance companies and emergency responders. “There are so many industries that use our platform, from agriculture to construction to decarbonisation,” Hashemi said. More than half of its customers are in the energy and climate sector, he adds, referring to things like Brimstone, a sustainable cement company that uses felt to build more sustainable concrete analytics tools.
Felt dashboards can also track metrics such as deforestation, air quality, and flood risk. Startup technology has been used to monitor and detect wildfires, a crisis that encourages insurance companies and utilities to be vigilant and adopt more high-tech mitigation solutions.
Northern Arizona State University has built fire prevention tools using felt. This helps Forests monitor the health of the trees and mitigate forest fires.
Northern Arizona University used felt to monitor the health of the trees. I felt it.
Startups make money by charging annual subscription fees that vary depending on the customer base. There are also free personal models. Smaller teams are billed for team rates, while larger companies have access to Felt's in-house teams and expertise.
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Despite Felt's close work with the sector adjacent to climate, an industry that was at the intersection of anti-ESG rhetoric in the Trump administration, Hashemi has found the funding process to be extremely smooth.
The exclusively shared funding round with BI was led by climate and energy investment fund Energize Capital with participation from Bain Capital Ventures and Footwork VC.
Previously, the startup raised $15 million with Series A funding and raised $4.5 million in seeds when it was launched.
“If you spend time on the map and think about how you can digitize your physical information, that's very complicated,” said Juan Muldoon, partner at Energize Capital. “They make this process simpler, which really attracted us to them.”
He adds, “In the energy transition, all providers are leveraging business geospatial data, even if it's a utility,” making it a viable tool for the industry.
With new funding, the felt team plans to double its AI platform and expand its team.
