An East Liberty company that has designed a cheaper, more efficient way to evaluate the condition of roads has raised nearly $4 million to expand the company.
RoadBotics, founded in 2016 as a spinoff from Carnegie Mellon University’s Robotics Institute, announced Wednesday it has raised $3.9 million in venture capital. CEO Mark DeSantis said about half the money would be used to refine and expand the system’s analytic capabilities and the other half would be used to expand the 34-member operation with more sales and marketing staff…
The venture capital came from a variety of sources, including Boston-based Hyperplane Venture Capital, and includes BMW and Innovation Works of Pittsburgh. The firm raised about $1 million in fall 2017 and may seek another round of funding in the spring or summer, Mr. DeSantis said.