Bentley Systems, a leading infrastructure engineering software company listed on Nasdaq under the ticker symbol BSY, has recently announced its acquisition of Blyncsy. This acquisition adds cutting-edge artificial intelligence capabilities to Bentley's offerings, particularly focused on assisting departments of transportation (DoTs) in their operations and maintenance activities. This move aligns with Bentley's strategy of enhancing its iTwin Ventures portfolio (which centers on digital twin ecosystems) and expanding the utilization of valuable infrastructure asset analytics.
Established in 2014 by CEO Mark Pittman in Salt Lake City, Blyncsy has pioneered the use of computer vision and artificial intelligence to analyze readily available imagery. This technology allows them to swiftly identify maintenance issues on road networks. Pittman's inspiration for the company arose while waiting at a traffic light, envisioning the potential to combine real-time condition data with innovative technology to enhance the efficiency of DoTs.
Blyncsy's disruptive AI services have the potential to replace labor-intensive and time-consuming manual data collection efforts. By doing so, the need for specialized personnel, vehicles, or hardware for fieldwork is significantly reduced. This advancement leads to better awareness among transportation owner-operators and more timely resolution of road condition challenges. The technology can detect more than 50 different roadway safety issues, including pinpointing active construction zones.
Said Pittman, "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."
In light of the acquisition, Blyncsy will integrate with Bentley's iTwin Platform, ensuring seamless alignment with infrastructure owners' engineering and simulation models. Additionally, Bentley plans to incorporate and bring Blyncsy's AI services to the market as part of its emerging mobility digital twin offerings. This strategic move underscores Bentley's commitment to driving innovation and efficiency in the realm of transportation infrastructure.
Said Mike Schellhase, Bentley’s iTwin Ventures managing executive, "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."
