Infrastructure engineering software company Bentley Systems has announced US$100 million of venture funding to accelerate the development of infrastructure digital twins. A digital twin is a digital representation of a physical object or system. The technology behind digital twins has expanded to include large items such as buildings, factories and even cities, and some have said people and processes can have digital twins, expanding the concept even further.
Bentley iTwin Ventures will invest in promising technology companies addressing the emerging opportunity for infrastructure digital twin solutions for roadways, railways, waterways, bridges, utilities, industrial facilities, and other infrastructure assets.
Bentley iTwin Ventures is a US$100 million corporate venture capital fund which will co-invest in startups and emerging companies that are strategically relevant to Bentley Systems’ objective of advancing infrastructure through going digital. The fund will target investments in transformational digital twin solutions supporting the design, simulation, construction, and/or operations of physical infrastructure.
The fund will invest in early and mid-stage companies that demonstrate ability to develop applications and solutions that leverage and extend infrastructure digital twin opportunities, particularly in the public works and utilities, and industrial and resources, infrastructure sectors.
“Taking advantage of the momentum from Bentley Systems’ initial public offering, we are excited to expand our Acceleration Initiatives by formally launching the Bentley iTwin Ventures fund to support the growth of entrepreneurial companies dedicated to infrastructure digital twin solutions,” said Greg Bentley, CEO of Bentley Systems.
“Our iTwin Platform provides a scalable open-source foundation for technical and commercial innovation that will empower a vibrant ecosystem to creatively combine and connect what digital twins now make possible for infrastructure constituents. Proprietary analytics, data services, benchmarking, and infrastructure-as-a-service commercial models, for instance, are not in Bentley Systems’ direct scope, but we are glad to have a stake in bootstrapping these future successes.”
By Andy Brown, November 11, 2020