California-based startup Felt has secured $15 million for its platform that lets customers build custom geospatial maps with generative AI.
The startup, launched in 2021, has designed a software tool that turns users’ location data points into a map visualization tailored to their business or individual needs, such as monitoring assets for maintenance or project planning.
“Cities and businesses rely on maps to run their business,” Felt cofounder and CEO, Sam Hashemi, told Business Insider.
Traditionally, businesses have used geographic information systems, which combine maps and data points — like how many cars use a certain road — to help them make decisions.
“We’re building a modern version of this business mapping software,” said Hashemi.
Felt has pivoted to an AI-first platform where users type in a few natural language prompts to generate any application they need, such as maps, charts, and dashboards.
Felt.
The startup has a wide range of use cases and customers, from NGOs to insurers and emergency responders. “There are so many industries, from agriculture to construction to decarbonization, that use our platform,” Hashemi said. Over half of its customers are in the energy and climate sector, he added, pointing to the likes of sustainable cement company Brimstone, which is using Felt to help build a more sustainable concrete analysis tool.
Felt’s dashboards can also track metrics like deforestation, air quality, and flood risk. The startup’s tech has been used to monitor and detect wildfires, a crisis that has alarmed insurers and utility companies and encouraged them to adopt more high-tech mitigation solutions.
Northern Arizona State University has used Felt to build a fire-prevention tool, which can help foresters monitor tree health and mitigate forest fires.
Felt.
The startup makes money by charging an annual subscription fee, which varies depending on the customer’s tier. There is also a free-for-use model for individuals. Smaller teams are charged a team rate, and larger enterprises can access Felt’s in-house team and expertise.
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Despite Felt’s close work with climate-adjacent sectors, an industry that’s been in the crosshairs of the Trump administration’s anti-ESG rhetoric, Hashemi found the fundraising process pretty smooth.
The funding round, shared exclusively 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 in Series A funding, plus a $4.5 million seed when it launched.
“If you spent any time with maps, and thinking about how your physical information can be digitized, it’s very complex,” said Juan Muldoon, partner at Energize Capital. “They make this process much simpler. That’s what drew us to them,”
He added that “in the energy transition, every provider, even if it’s a utility, is leveraging geospatial data in their business,” making it a viable tool for the industry.
With the fresh funding, the Felt team plans to double down on its AI platform and expand its team.
