Today we’re proud to share that Energize portfolio company Urbint, a pioneer in AI-powered utility workforce and infrastructure resiliency software, has entered into a definitive agreement to be acquired by Itron, Inc. The transaction, valued at $325 million, represents an exciting next chapter for Urbint and a major milestone for the digitization of critical infrastructure. The acquisition is expected to close in the fourth quarter of 2025.
For Energize, this outcome reflects our view that the innovation across the utility sector is at the heart of the energy transition. The people and systems responsible for keeping power flowing and infrastructure safe need modern digital tools to manage increasingly complex, climate-impacted operations. Urbint has been a leader in meeting that need, and we’re proud to support them in this next step of transforming how utilities plan, protect, and perform critical field work.
At Energize, we have long viewed the utility sector as a linchpin of decarbonization and resilience. From the beginning, we saw how utilities were contending with aging infrastructure, intensifying storms, and a generational workforce transition—all while striving to improve the reliability of our most essential systems. Yet even as the need for modernization increased, the software landscape serving them had not kept pace. Many field tools were decades old, lacking modern data integration, cloud workflows, or predictive analytics. We saw a clear opportunity to bring next-generation software to the modern utility worker in order to protect infrastructure, empower teams, and build resilience into operations. That conviction led us to Urbint.
We began tracking Urbint well before our investment, following its progress from early pilots to enterprise-wide rollouts across major North American utilities. During that time, Urbint proved its ability to move from pilot projects to true platform adoption—one of the hardest challenges in industrial software. The team earned the trust of utilities like Xcel Energy and Con Edison, turning early implementations into long-term partnerships.
By the time we led Urbint’s Series C in 2021, the company was showing how modern software could redefine operational risk management for the utility sector. Since then, Urbint has used its deep customer relationships to expand both its revenue base and its product suite, now spanning damage prevention, worker safety, and storm response, thanks in part to its acquisition of WRM Software in June 2024.
Itron’s acquisition of Urbint brings together decades of expertise in utility hardware and field data with Urbint’s AI-powered software platform for operational resilience. The combination strengthens Itron’s strategy to help utilities and cities manage energy and water more effectively while enabling faster restoration after major weather events, preventing worker injuries, and protecting underground assets from damage.
The transaction is a powerful “better together” story, enabling utilities to turn raw field data into actionable insights that help prevent failures, respond to outages faster, and keep workers safer in the field.
We want to extend our deepest congratulations to CEO Corey Capasso and the entire Urbint team on this remarkable milestone. While our chapter as investors comes to a close, Urbint’s mission continues, and we look forward to their continued work to build a safer, more resilient energy future.
