Aren Secures $2 Million In Seed Round
NEW YORK (PRWEB) NOVEMBER 01, 2021
Aren—the leading civil infrastructure management Software-as-a-Service (SaaS) platform—today announced its seed capital raise of $2 million, aimed at growing its engineering and product teams as the company scales. The round was led by Shadow Ventures, with Rho Capital Partners, MetaProp, Technion Angels, Green Egg Ventures, HBS Alumni Angels, Turf Advisory, COINS, and Maccabee Ventures as major participants. A healthy and safe infrastructure, including a community’s bridges, dams, and more, is critical for improving each and every individual’s quality of life, also ensuring local and national economics can flourish. Preserving infrastructure is the core foundation of Aren.
“We are on a journey to change the global landscape of civil infrastructure by developing cutting-edge technology to optimize trillions of dollars of civil infrastructure spending, and minimize civil infrastructure failure risk,” said Ali Khaloo, CEO and Co-Founder, Aren. “Having frequent civil infrastructure failures in the 21st century is truly unacceptable. By providing high-tech solutions, we are augmenting the process to give engineers the right tools to make data-driven decisions based on our AI-powered actionable insights. We are grateful to our investors for sharing our vision & eagerness to have a strong impact that shapes the future.”
In many areas, infrastructure is crumbling or in a state of disrepair, and roughly 40 percent of the $9T designated globally on an annual-basis for upkeep is wasted or otherwise spent inefficiently, according to a 2016 report by McKinsey & Company. Aren provides a solution to those inefficiencies as an end-to-end, AI-powered platform designed to assess buildings, bridges, and built environments to allow data-driven decision-making and risk management. Aren’s product offers a cost-effective, automated, and quantitative approach for managing an asset’s risk.
Founded by Dr. Ali Khaloo and Edgar Martinez Ceja, COO & Co-Founder, Aren, as part of the Runway Startup Postdoc Program at Cornell Tech in New York City, Aren will leverage its founders’ decades of experience in high-technology research and development, along with its new tech platform, to improve one of the most conservative and least-digitized industries in the world.
“As a former civil engineer, I know the state of infrastructure in this country is dismal. We need a solution like Aren to help meet the monumental task of repairing and restoring our roads, bridges, and buildings both in the United States and internationally,” shared KP Reddy, Founder & General Partner, Shadow Ventures. Aren’s the perfect mix of civil engineering and the latest in machine learning technology. It is just what we need to tackle these challenges.”