Ellex has advised EyeVi on its USD 2 million seed funding round led by FF Venture Capital.
EyeVi provides road service surveyors, repair crews, and municipalities with computer hardware and artificial intelligence-driven software as a service to map and identify road infrastructure needs.
RKKVC, Decacorn Capital, Iron Wolf Capital, Superangel, Spring Capital, Kaamos Group, and several Estonian business angels including AuveTech founder Vaino Kaldoja and former Estonian Prime Minister Taavi Roivas participated in the round.
According to Ellex, "EyeVi, an Estonian startup, plans to build out tools to automate road data capture to improve maintenance and operations and expand into U.S. markets."
"Road surveying technologies used today are either outdated or prohibitively expensive, which means that preventative maintenance is out of reach for most vendors," EyeVi CEO Gaspar Anton commented. "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. 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."
The Ellex team included Counsel Antti Perli, Senior Associate Hanna Pahk, Associate Liisbeth Lillo, and Lawyer Priit Pruks.
Ellex did not respond to our inquiry on the matter.