This startup just raised $15 million to create custom maps with AI for monitoring wildfire and flood risks

A California-based startup, Felt, has successfully secured $15 million in funding to enhance its platform that enables users to create customized geospatial maps using generative AI. Established in 2021, Felt has developed a software tool that allows users to visualize their location data in a way that meets specific business or personal requirements, such as asset management or project planning. According to Sam Hashemi, co-founder and CEO of Felt, maps are essential for operations in cities and businesses. Traditionally, organizations have utilized geographic information systems, integrating maps with data points such as traffic patterns, to make informed decisions. "We are modernizing this business mapping software," Hashemi stated. Felt has transitioned to an AI-centric platform where users can generate various applications—maps, charts, and dashboards—simply by inputting natural language prompts. The platform's versatility serves a broad spectrum of clients, including NGOs, insurers, and emergency responders. Hashemi highlighted that numerous sectors, from agriculture to construction and decarbonization, are benefiting from their technology, with over half of their clientele in the energy and climate space. For instance, sustainable cement company Brimstone employs Felt to develop a more sustainable concrete analysis tool. The platform's dashboards are also capable of monitoring critical metrics such as deforestation, air quality, and flood risks. The technology has proven invaluable in addressing wildfire detection and monitoring—an urgent concern for insurers and utility companies. Notably, Northern Arizona State University has utilized Felt to create a fire-prevention tool that aids foresters in assessing tree health and preventing forest fires. Felt's revenue model includes an annual subscription fee that varies by customer tier, along with a free model for individual users. Smaller teams are billed at a team rate, while larger enterprises can benefit from Felt's in-house expertise. Despite operating in climate-related sectors that have faced scrutiny under the previous administration, Hashemi reported that securing funding was a relatively smooth process. The latest funding round was led by Energize Capital, a climate and energy investment fund, and included contributions from Bain Capital Ventures and Footwork VC. Previously, Felt had raised $15 million in Series A funding and a $4.5 million seed investment at its inception. Juan Muldoon, a partner at Energize Capital, commented on the complexity of digitizing physical information, noting that Felt simplifies this process significantly. He emphasized the increasing importance of geospatial data in the energy transition, suggesting that every provider in the industry, including utilities, is now integrating such data into their operations. With the new funding, the Felt team aims to intensify its focus on enhancing the AI platform and growing its workforce.