Founded in 2020, Estonia-based company EyeVi Technologies has collected two million dollars in a seed round for its mapping technology. The round was led by ff Venture Capital, with the participation of RKKVC, Decacorn Capital, Iron Wolf Capital, Superangel, Spring Capital, Kaamos Group, and several Estonian business angels including Väino Kaldoja, the founder of AuveTech, and Taavi Rõivas, the former prime minister of Estonia. The platform offers a whole different experience for its users regarding geospatial AI-powered digital data production.
Alongside its effective operations around Europe, the start-up will be able to strengthen the current status with the help of the fund. The investment into its technology enables EyeVi to reach new markets, especially in the United States.
How far EyeVi Technologies goes
EyeVi is a provider for geospatial data processing as well as mobile mapping. It tries to fulfill its customers’ expectations in terms of capturing and processing real-life conditions and keep them updated in the most cost-efficient way. EyeVi is delivering its SaaS model powered by AI to those who seek a user-friendly solution in terms of data production efficiency, but at a very reasonable cost.
“Road surveying technologies used today are either outdated or prohibitively expensive, which means that preventative maintenance is out of reach for most vendors. Governments across the world are facing massive backlogs in road maintenance works, and with advanced geospatial mapping and predictive data analytics, we can create the perfect conditions for smarter budget allocation,” says Gaspar Anton, the company’s founder and CEO.
The start-up is promising a high-speed processing experience since most of them are automated with the help of artificial intelligence. The customers are charged only after analysing how many kilometres they go. Since it is very responsive to sensor, the platform works well in any location and gives the users an opportunity to adapt anywhere in the world.
EyeVi has made significant progress this far according to its optimizations for outbound routes. For instance, EyeVi maintains its operations teaming up with GIAP for the revolutionary design by optimizing road data production in Poland.
“Before EyeVi, the data processing took up to 2 weeks, and now we can talk about processing the photos and having them ready the following day.” said Sławomir Hemerling-Kowalczyk, GIAP.
Eyes on EyeVi
Founder and CEO of EyeVi, Gaspar Anton was a driver and took the many roads in the Baltics to be mapped for Google Street View. Additionally, his former executive position at one of the leaders in terms of GIS applications, Reach-U helps him gather a team to develop mobile mapping solutions.
Gaspar Anton stated. “What we’re doing here is leveraging the power of artificial intelligence for a very real-world application and introducing a flexible and cost-effective hardware solution that together will help unlock better insights to solve the issue of road maintenance in a much more effective way.”
Previously, EyeVi and Tallin Technical University came up with predictive analytics solutions which they had spent almost €1.8 million during the R&D process. Now, those solutions are used for the development of the platform. Since EyeVi’s design promises to save inferentially 50% of a user’s money and time, it finds more buyers around the world. The platform is already familiar with road survey and consulting companies in Estonia, Sweden, Finland, Norway, Poland, and the UK.
Recently, EyeVi solutions have caught the attention of many companies and consultancies. With its potential for road maintenance, the company is hoping to grow rapidly. As the autonomous vehicle industry grows, EyeVi also expects to capture significant market share in providing cost-efficient and highly accurate digital twins of road systems.
“We are confident in EyeVi’s ability to scale their services across the globe, as their solution hits the sweet spot of being both easy-to-use and actionable. As virtually every city and country in the world would benefit from more efficient road maintenance, the potential for growth is truly immense. In addition, EyeVi is setting the foundations for a future in which autonomous vehicles will be able to benefit from every single bit of road analysed,” said Maciej Skarul, Partner at ffVC.