StreetScan Closes International Deal, Drives Joint Venture

StreetScan Closes International Deal, Drives Joint Venture

09:07 30 May in News

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New England startup, StreetScan, recently signed an international deal with CMCT securing $1.5 million (USD) in funding alongside the formation of a joint venture that will bring StreetScan’s robust pavement inspection capabilities to Chinese infrastructure.

CMCT is a subsidiary of China Merchants Group, a conglomerate holding a $1 trillion (USD) portfolio spanning transportation, finance, and real estate that generates revenues surpassing $16 billion (USD) annually. With over 5,000 miles of roadway in 18 provinces under management, the joint venture, powered by StreetScan’s comprehensive pavement inspection and management services, will intelligently and profitably enhance the development of China’s booming infrastructure.

Ralf Birken, Co-founder of StreetScan, welcomes this partnering opportunity and growth promoting investment, saying, “StreetScan is very excited to bring our innovative road inspection and management services to the Chinese market with such an influential industry leader.” Birken continues, “These funds facilitate StreetScan’s expansion within the US and Canada and the continued development of pioneering sensing solutions and services that Smart Cities demand.”

StreetScan provides an end-2-end pavement inspection and asset management service that is fast, objective, and affordable to be used city-wide on a frequent basis, ensuring that repair decisions are always based on up-to-date and complete data. Founded in 2015, StreetScan has leveraged and improved upon the exclusively licensed, patent pending technologies developed at Northeastern University. Since inception, StreetScan has been a MassChallenge finalist, a TiE ScaleUp accelerator program participant, and a Boston Patent Law Association “Invented Here!” honoree. By controlling the diagnostics of the world’s transportation infrastructure, StreetScan maximizes the impact of every municipal dollar.

For further information, please contact Ralf Birken at ralf.birken@streetscan.com, 617.515.1995.

Read “A StreetScan a Day keeps the Potholes Away” to learn more about StreetScan’s trajectory and revolutionary advantages.

 

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