Bentley Systems’ iTwin Ventures acquires Blyncsy
Technology

Bentley Systems’ iTwin Ventures acquires Blyncsy

Bentley Systems, Incorporated, the infrastructure engineering software company, announced the acquisition of Blyncsy, a provider of breakthrough artificial intelligence services for departments of transportation to support operations and maintenance activities. The digital twin ecosystem focus of Bentley’s iTwin Ventures portfolio is bolstered by accelerating the development and propagation of such broadly valuable infrastructure asset analytics.

Founded in 2014 in Salt Lake City, Utah, by CEO Mark Pittman, Blyncsy applies computer vision and artificial intelligence in analyzing commonly available imagery to identify maintenance issues on roadway networks. Pittman originally conceived the idea for the company while stuck at a traffic light, believing there had to be ways to combine “real-time” condition data and innovative technologies to help DoTs become more efficient.

Blyncsy’s disruptive AI services replace costly and slow manual data collection efforts, reducing the need for personnel or specialized vehicles or hardware in the field and improving transportation owner-operators’ awareness and timely mitigation of road conditions. Blyncsy detects over 50 different roadway safety issues, including the actual location of active construction work zones.

Pittman said, “Blyncsy is committed to applying the latest AI and machine learning techniques to benefit transportation networks. This alignment with Bentley will only strengthen the value to our users and together we will provide even deeper asset analytics to transportation owners, to support the drivers of today and tomorrow.”

“Safety is our first priority, and operational efficiency is a high number 2. We depend on real-time data, like the information we receive from Blyncsy, to proactively manage the highway system to be as safe and reliable as possible,” said Hawaii Department of Transportation Director Ed Sniffen. “HDOT embraces technology that enables us to run in the most productive manner possible. Blyncsy gets us weekly reports with graphics and photos detailing guardrail, roadway, and vegetation conditions that provide more tools to allow us to prioritize our resources to address the needs of the system.”

Bentley’s iTwin Ventures managing executive, Mike Schellhase, said, “Blyncsy came to our attention for potential participation in a successive VC investment round. But we were so convinced of the significance of their breakthrough that we undertook its outright acquisition, in order to scale it rapidly and pervasively. We expect investments in widespread asset analytics to accelerate leveraging infrastructure digital twins.”

Blyncsy will adopt Bentley’s iTwin Platform for immersive integration with infrastructure owners’ engineering and simulation models, and Bentley will incorporate and bring to market Blyncsy’s AI services within its emerging mobility digital twin offerings.

The acquisition was supported for Blyncsy by Ignatious Growth Capital and Advisory. Blyncsy’s investors included: Peterson Ventures, Doug Wells, Elemental Excelerator, Park City Angel Network, OakHouse Partners, and CEAS Investments.

Bentley Systems, Incorporated, the infrastructure engineering software company, announced the acquisition of Blyncsy, a provider of breakthrough artificial intelligence services for departments of transportation to support operations and maintenance activities. The digital twin ecosystem focus of Bentley’s iTwin Ventures portfolio is bolstered by accelerating the development and propagation of such broadly valuable infrastructure asset analytics. Founded in 2014 in Salt Lake City, Utah, by CEO Mark Pittman, Blyncsy applies computer vision and artificial intelligence in analyzing commonly available imagery to identify maintenance issues on roadway networks. Pittman originally conceived the idea for the company while stuck at a traffic light, believing there had to be ways to combine “real-time” condition data and innovative technologies to help DoTs become more efficient. Blyncsy’s disruptive AI services replace costly and slow manual data collection efforts, reducing the need for personnel or specialized vehicles or hardware in the field and improving transportation owner-operators’ awareness and timely mitigation of road conditions. Blyncsy detects over 50 different roadway safety issues, including the actual location of active construction work zones. Pittman said, “Blyncsy is committed to applying the latest AI and machine learning techniques to benefit transportation networks. This alignment with Bentley will only strengthen the value to our users and together we will provide even deeper asset analytics to transportation owners, to support the drivers of today and tomorrow.” “Safety is our first priority, and operational efficiency is a high number 2. We depend on real-time data, like the information we receive from Blyncsy, to proactively manage the highway system to be as safe and reliable as possible,” said Hawaii Department of Transportation Director Ed Sniffen. “HDOT embraces technology that enables us to run in the most productive manner possible. Blyncsy gets us weekly reports with graphics and photos detailing guardrail, roadway, and vegetation conditions that provide more tools to allow us to prioritize our resources to address the needs of the system.” Bentley’s iTwin Ventures managing executive, Mike Schellhase, said, “Blyncsy came to our attention for potential participation in a successive VC investment round. But we were so convinced of the significance of their breakthrough that we undertook its outright acquisition, in order to scale it rapidly and pervasively. We expect investments in widespread asset analytics to accelerate leveraging infrastructure digital twins.” Blyncsy will adopt Bentley’s iTwin Platform for immersive integration with infrastructure owners’ engineering and simulation models, and Bentley will incorporate and bring to market Blyncsy’s AI services within its emerging mobility digital twin offerings. The acquisition was supported for Blyncsy by Ignatious Growth Capital and Advisory. Blyncsy’s investors included: Peterson Ventures, Doug Wells, Elemental Excelerator, Park City Angel Network, OakHouse Partners, and CEAS Investments.

Next Story
Building Material

JK Cement emerges successful bidder for Mahan coal mine in Madhya Pradesh

This marks the company’s second commercial coal block win, following its acquisition of the West of Shahdol (South) coal block. "The company is committed to becoming self-reliant for its existing cement plants and upcoming projects," JKC stated. The surplus coal from the mine will be sold commercially. The vesting order was handed over to JK Cement during a ceremony at Shastri Bhawan, New Delhi, a critical milestone for commencing mining operations within the stipulated timeline...

Next Story
Building Material

Prism Johnson's cement division goes live with Ramco ERP Suite

Prism Johnson has successfully gone live with the Ramco ERP Suite for its Cement Division. This milestone marks a significant step in Prism Johnson's digital transformation journey, leveraging Ramco Systems' advanced enterprise solutions and process control systems to streamline business processes, manufacturing operations and drive efficiency. The implementation includes cutting-edge modules for Maintenance, Sales, Distribution, Finance, Procurement, Manufacturing, Quality, and HR Management (HRM). These solutions enable Prism Johnson to achieve seamless integration across its business and wo..

Next Story
Infrastructure Urban

Indian shadow bank Shriram Finance gets record $1.28 billion loan

Shriram Finance Ltd. is reported to have borrowed $1.28 billion in a multi-currency social loan, marking the largest offshore facility ever undertaken by an Indian shadow lender. According to a press release issued by Shriram, the deal is divided across the dollar, euro, and dirham. Sources familiar with the transaction, who wished to remain anonymous, indicated that the tenors in the multi-tranche deal range from three to five years. This loan adds to the surge of offshore debt sales by Indian shadow lenders this year, a trend prompted by the Reserve Bank of India's tightening of rules in Nov..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000