Software company Transcend successfully secured a substantial Series B financing round of $20m. Aquatech Online catches up with the company’s co-founder and chief customer officer, Adam Tank, to find out more.
Expanding into new markets
Achieving $20 m in Series B funding not only reaffirms Transcend's commitment to water-focused innovations but also sets the stage for the company to expand its influence into new markets. Tank describes this latest funding round as “a pivotal catalyst that solidifies Transcend's mission, to drive the development of innovative and sustainable critical infrastructure”.
The Transcend story
The company’s origins trace back to the infrastructure sector, where CEO Ari Raivetz had dedicated years to developing water-focused businesses. However, his team of skilled wastewater engineers faced a challenge: the intricate demands of engineering innovative wastewater treatment infrastructure left them with little room for the innovation needed.
Rather than settling for conventional solutions, Raivetz and his engineers joined forces with software developers to conceive the Transcend Design Generator (TDG). This cloud-based software automates the initial design process for vertical assets like water, wastewater, electrical substations, and other vital infrastructure.
To date, TDG has facilitated the design of over 12,000 critical infrastructure assets and has garnered a dedicated user base comprising thousands of individuals across the globe.
Resilience and innovation
Commenting on the recent investment round, Tank told Aquatech Online: “This was the most challenging fundraising environment Ari [Raivetz] and I had ever seen. The bar is now much higher for venture-backed startups, many investors who would’ve readily invested a year or two ago now have more stringent thresholds for the type and sizes of cheques they write.
“However, this also presents opportunities for companies who are building healthy businesses with real, distinguishable value to raise on good terms. This was the case with Transcend, where our past accomplishments and clear vision for the future helped us successfully raise our Series B, including participation from Autodesk.”
The recent Series B financing round brought together esteemed names in the industry, including software giant Autodesk, following its record $1bn acquisition of Innovyze. The partnership underscores a collective drive to empower stakeholders, from asset owners and engineering firms to equipment suppliers, with transformative capabilities, according to the company.
The Series B funding will enable Transcend to move into new territories and markets, with a customer base already featuring infrastructure players like Arcadis, Black and Veatch, Brookfield Asset Management, and more.
Unveiling Transcend's future ambitions
"Our mission is to be the world's leading provider of generative design software for critical infrastructure projects. We're expanding use cases for our software tools across wastewater, drinking water, and power,” says Tank.
“Our vision encompasses critical infrastructure challenges across various sectors – water, power, transportation, housing, telecommunications, and more. We've already ventured into the power market with an automated substation design tool. As customer demand grows, we're eager to explore new avenues and use cases,” he affirms.
Transcend will use the investment to accelerate its go-to-market strategy and product roadmap, further establishing its work in generative design software for critical infrastructure.
