Bentley Systems’ iTwin Ventures Acquires Blyncsy, Breakthrough Innovator in AI Services for Transportation Operations and Maintenance
August 14 2023 - 3:01PM
Business Wire
To Broaden and Accelerate Infrastructure Asset
Analytics
Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure
engineering software company, today announced the acquisition of
Blyncsy provider of breakthrough artificial intelligence services
for departments of transportation to support operations and
maintenance activities. The digital twin ecosystem focus of
Bentley’s iTwin Ventures portfolio is bolstered by accelerating the
development and propagation of such broadly valuable infrastructure
asset analytics.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230814236279/en/
Blyncsy’s automated AI road inspection
technology detecting paint line presence and its visibility. Image
courtesy of Bentley Systems.
Founded in 2014 in Salt Lake City, Utah, by CEO Mark Pittman,
Blyncsy applies computer vision and artificial intelligence in
analyzing commonly available imagery to identify maintenance issues
on roadway networks. Pittman originally conceived the idea for the
company while stuck at a traffic light, believing there had to be
ways to combine “real-time” condition data and innovative
technologies to help DoTs become more efficient.
Blyncsy’s disruptive AI services replace costly and slow manual
data collection efforts, reducing the need for personnel or
specialized vehicles or hardware in the field and improving
transportation owner-operators’ awareness and timely mitigation of
road conditions. Blyncsy detects over 50 different roadway safety
issues, including the actual location of active construction work
zones.
Pittman said, “Blyncsy is committed to applying the latest AI
and machine learning techniques to benefit transportation networks.
This alignment with Bentley will only strengthen the value to our
users and together we will provide even deeper asset analytics to
transportation owners, to support the drivers of today and
tomorrow.”
“Safety is our first priority, and operational efficiency is a
high number 2. We depend on real-time data, like the information we
receive from Blyncsy, to proactively manage the highway system to
be as safe and reliable as possible,” said Hawaii Department of
Transportation Director Ed Sniffen. “HDOT embraces technology that
enables us to run in the most productive manner possible. Blyncsy
gets us weekly reports with graphics and photos detailing
guardrail, roadway, and vegetation conditions that provide more
tools to allow us to prioritize our resources to address the needs
of the system.”
Bentley’s iTwin Ventures managing executive, Mike Schellhase,
said, “Blyncsy came to our attention for potential participation in
a successive VC investment round. But we were so convinced of the
significance of their breakthrough that we undertook its outright
acquisition, in order to scale it rapidly and pervasively. We
expect investments in widespread asset analytics to accelerate
leveraging infrastructure digital twins.”
Blyncsy will adopt Bentley’s iTwin Platform for immersive
integration with infrastructure owners’ engineering and simulation
models, and Bentley will incorporate and bring to market Blyncsy’s
AI services within its emerging mobility digital twin
offerings.
The acquisition was supported for Blyncsy by Ignatious Growth
Capital and Advisory. Blyncsy’s investors included: Peterson
Ventures, Doug Wells, Elemental Excelerator, Park City Angel
Network, OakHouse Partners, and CEAS Investments.
Image 1:
Blyncsy’s automated AI road inspection technology detecting
paint line presence and its visibility. Image courtesy of Bentley
Systems.
Image 2:
Automated pothole detection is a critical variable, as potholes
grow when snowplows and cold weather impact the roadway. Blyncsy
uses AI to detect these automatically. Image courtesy of Bentley
Systems.
Image 3:
Roadways are worn down by vehicles driving on them. Different
types of vehicles and heavier vehicles wear roadways faster.
Blyncsy’s AI application reports changes to users so they can fix
the road at the appropriate time to reduce the costs for
transportation managers. Image courtesy of Bentley Systems.
Image 4:
Blyncsy’s automated road inspection application uses AI to
identify roadway assets, assess their condition, and alert users to
problems. Image courtesy of Bentley Systems.
##
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering
software company. We provide innovative software to advance the
world’s infrastructure – sustaining both the global economy and
environment. Our industry-leading software solutions are used by
professionals, and organizations of every size, for the design,
construction, and operations of roads and bridges, rail and
transit, water and wastewater, public works and utilities,
buildings and campuses, mining, and industrial facilities. Our
offerings, powered by the iTwin Platform for infrastructure digital
twins, include MicroStation and Bentley Open applications for
modeling and simulation, Seequent’s software for geoprofessionals,
and Bentley Infrastructure Cloud encompassing ProjectWise for
project delivery, SYNCHRO for construction management, and
AssetWise for asset operations. Bentley Systems’ 5,000 colleagues
generate annual revenues of more than $1 billion in 194
countries.
www.bentley.com
© 2023 Bentley Systems, Incorporated. Bentley, the Bentley logo,
Bentley Infrastructure Cloud, Bentley Open, AssetWise, Blyncsy,
iTwin, MicroStation, ProjectWise, Seequent, and SYNCHRO are either
registered or unregistered trademarks or service marks of Bentley
Systems, Incorporated or one of its direct or indirect wholly owned
subsidiaries. All other brands and product names are trademarks of
their respective owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814236279/en/
Press Contact: Christine Byrne +1 203 805 0432
Christine.Byrne@bentley.com Follow us on Twitter:
@BentleySystems
Bentley Systems (NASDAQ:BSY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bentley Systems (NASDAQ:BSY)
Historical Stock Chart
From Jul 2023 to Jul 2024