The sensor technology startup focusing on utility strike avoidance will use the round of financing to complete product engineering and engage additional customers and partners
As daily damages to underground utilities such as powerlines, communications, water, gas, and oil continue to occur, representing major challenges and risks, RodRadar, an Israeli-based startup developing disruptive sensor technology for avoiding damages to underground utilities, has raised a $6 Million Series A round led by Brick & Mortar Ventures. RodRadar will use this round of financing to complete product engineering and engage additional customers and partners.
RodRadar’s CEO and Co-Founder, Moshe Dalman said, “the annual drag of utility strikes to the US economy alone is estimated at $50 billion, albeit all government and industry investments in technology and processes. RodRadar’s unique solution, already viewed by leading construction operators and utility companies as a game-changer, will substantially enhance the safety and efficiency of earthworks operations, and reduce the enormous costs and environmental impact of the ever-growing number of utility strikes associated with accelerated urbanization.”
“Excavating activities are responsible for nearly one third of all damage to underground utilities and infrastructure,” said Darren Bechtel, Founder and Managing Director at Brick & Mortar Ventures. “RodRadar is aiming to make utility strikes a thing of the past by marrying next generation technology with ‘old iron’ to radically improve the safety, efficiency, and cost of digging below the surface of the built environment. We are excited to be investing in the RodRadar team and look forward to their continued growth.”
“We have confidence in RodRadar’s team, which includes leading technology, business and construction industry experts, to execute its vision,” added Curtis Rodgers, Principal at Brick &Mortar Ventures.
Other investors participating in this round, besides the company’s existing private investors, include Mayers Cars and Trucks Group - a major Israeli Automotive group which also distributes Volvo construction machinery in Israel, Dysruptek – Haskell engineering and construction venture’s arm, and HOLT Ventures – the ventures arm of HOLT CAT, one of Caterpillar’s major dealers.
Per Cutler Knupp, the Director of Dysruptek, “RodRadar’s innovation fits the firm’s focus on investing in disruptive technologies, reshaping the built world, assisting construction firms such as Haskell to operate safer and increase their productivity.”
RodRadar, www.RodRadar.com, is dedicated to the delivery of disruptive sensor technologies and solutions that substantially enhance construction job-site safety, productivity, and efficiency. The company, aiming to change the whole dynamics of excavation with its innovation, is led by an international team of technology, commercial, and industry professionals, each with decades of experience.
About Brick & Mortar Ventures
Brick & Mortar Ventures is an early stage venture fund focused on the Built World. Founded by Darren Bechtel, the firm invests in emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management. Notable past investments of the firm and its General Partner include seed round participation in PlanGrid, BuildingConnected, BuildZoom, and Rhumbix, as well as early-stage investments in FieldWire and Levelset (formerly Zlien). Brick & Mortar Ventures is based in San Francisco, CA.