Urban SDK Announces New Financing Round
Urban SDK, a cloud based traffic management system of record for state and local governments, announces a seed funding round led by GOVO Venture Partners. The round is also supported by DeepWork Capital, Florida Opportunity Fund, Techstars, and venVelo.
This investment will be instrumental in fueling Urban SDK's rapidly expanding footprint across the United States and Canada. In 2022, the company grew annual recurring revenue (ARR) by 145% and maintained a net revenue retention of 109%. The funds are dedicated to support the sustained growth Urban SDK has experienced from the public sector market and the demand they are receiving from the Civil Engineering industry.
"The US continues to lead the world in traffic deaths per capita, vehicle emissions output, and cars sold — it's a compounding issue," said Justin Dennis, Urban SDK COO and Co-founder. "Our cities do not have one platform for traffic engineers to easily access traffic diagnostics for any local road, make decisions to improve traffic safety and efficiency, and quickly communicate with stakeholders. Traffic Management is a $5 Billion market opportunity and we could not be more excited to solve this problem with GOVO as partners."
An alum of the Techstars Smart Mobility Accelerator, Urban SDK provides public works, planning, and law enforcement officials with a system of record used to create safer roadways. By streamlining traffic management operations and equipping officials with diagnostic reports of local roads, Urban SDK ensures that stakeholders have the information they need to keep their communities safe.
"We expect to see increased demand in the government sector for data-related solutions that enable better decisions and innovation," Rob Panepinto, GOVO's managing general partner, said of the investment. "Urban SDK has already impressed clients with the quality of their solution and has built a management team with a solid vision for execution and growth. We are excited to work closely with the company and its leadership team, leveraging our knowledge and expertise in the government sector."
"Urban SDK is honored to partner with GOVO, who has an intense focus and experience in the state, local and federal marketplace. With the expertise and network GOVO and their partners provide, we are poised to double revenue over the next 12 months and further cement our platform as the system of record for Public Works departments."