ResourceX, a company that sells software to help governments set up Priority-Based Budgeting, has raised $1.5 million from investors — just as the public sector is eyeing a massive influx of funding from the federal government through the Infrastructure Investment and Jobs Act.
The seed round, led by Innosphere Ventures, comes in the company’s sixth year of existence. In those six years, according to its website, ResourceX has worked with more than 300 municipalities, including small cities such as Ottumwa, Iowa, and larger ones such as Pittsburgh.
Priority-Based Budgeting, which the company seeks to enable with its OnlinePBB software, is a method of budgeting where governments seek to tie line items to programs, which are then tied back to priorities and goals.
It happens to be a particularly important time for budgeting. On Monday, President Joe Biden signed into law the bipartisan infrastructure bill, opening the valve on a $1.2 trillion funding pipeline. The money will go to a wide variety of projects, including roads and bridges, electric bus grants, airports, water infrastructure and environmental efforts.
“Local government leaders have the opportunity to simultaneously address multiyear backlogs of neglected and deteriorating water and transportation systems, while also ushering in a more equitable and sustainable future with investments into high-speed Internet and climate action,” said Chris Fabian, CEO and co-founder of ResourceX, in a press release. “We at ResourceX couldn’t be more excited about the infrastructure bill, and for the opportunity this presents for the communities we serve. Priority-Based Budgeting is made for this opportunity as the ResourceX SaaS solution channels resources precisely where they are most needed, we will benefit the lives of current residents and generations to come for the better.”
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