Urbint acquired by Itron Corporation for $325M

Exit Alert this week!

Earlier this week Urbint announced that the company is being acquired by Itron Corporation for $325M. Energize has backed the company since 2021, with Tyler Lancaster serving on the board since then, with support from Mark Tomasovic.

Urbint, founded by Corey Capasso in 2015, uses artificial intelligence to predict threats to workers and critical infrastructure and stop incidents before they happen. Urbint is a software company and successfully leveraged software to improve the safety and health of our critical infrastructure industries.

Energize Capital led the Series C in 2021 and has been fortunate to partner with Corey and his team since then. We’ve seen the team meet the needs for power utilities, natural gas utilities and telecom companies. AI coupled with domain expertise delivers powerful insights saving lives for these economy-driving industries.

The exit is a great success for Corey and the capital base and we are very excited to see how he and Urbint thrive within Itron. The transaction adds intrigue to me because it shows how all hardware companies must become software companies. Itron is best known for the smart meters calculating power consumption around our power grid- and now they are entering the world of software, at scale.

I anticipate more M&A that brings together the physical and cyber worlds. More on that soon!