Innosphere Ventures Fund Leads Investment into ResourceX, Industry Leading Software for Local Governments Using Priority Based Budgeting
Innosphere Ventures Fund announced its seed-stage investment into ResourceX, a technology-based company with innovative solutions for organizations executing on Priority Based Budgeting (PBB). This investment will allow ResourceX to accelerate development of the Priority Based Budgeting SaaS platform and to scale up sales and marketing.
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ResourceX’s software enables organizations, such as local governments and school districts, to implement data-driven budgeting decisions to determine resource reallocations to drive resources to the programs most aligned with their community’s priorities.
“ResourceX helps ensure taxpayer money is spent more strategically. Their innovative software platform takes the headache out of prioritizing budgets to use money more wisely,” said Innosphere Ventures Fund II General Partner, John Smith.
“Our investment couldn’t have come at a more perfect time,” says Smith. “The new Infrastructure Bill, combined with the American Rescue Plan creates even more urgency for government entities to strategically invest Federal dollars and align budgets with community priorities, as citizens have high expectations on how these additional funds will be allocated.”
The American Rescue Plan, along with the $1.2 trillion anticipated Infrastructure Bill that passed Congress on Friday, November 5th, directly impacts local government budgeting processes and community expectations of how funds are allocated. Many city and government entities are urgently seeking intuitive software solutions to better support fiscally responsible decisions. In this search, many governments are turning to ResourceX for guidance on Priority Based Budgeting solutions, to ensure their budget represents their community priorities and initiatives.
“Local government leaders have the opportunity to simultaneously address multi-year 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,” says Chris Fabian, ResourceX CEO and Co-Founder “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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Priority Based Budgeting has many applications, and there are many stories to share from municipalities across North America. Even in the shadow of the COVID-19 budget crisis faced by all local governments, Priority Based Budgeting served the City of Pittsburgh to achieve aggressive Climate Action goals.
“Beginning with our commitment to build a more resilient city and through strategic partnerships over the years, Pittsburgh was able to identify $41M in spending that has been repurposed to meet our sustainability goals. A new model of Priority Based Budgeting for cities,” says Bill Peduto, a current ResourceX client and Mayor, City of Pittsburgh, Pennsylvania.
ResourceX is a graduate company of Innosphere’s Accelerator Program and is now a portfolio company of the Innosphere Ventures Fund. “We’re excited that Innosphere continues to be a part of our continued growth,” said Fabian. “This funding allows us to support many more organizations in clearly communicating budget decisions to their citizens and to enhance product features much faster than if we had to fund it ourselves – which is a tremendous value to our current and future customers.”
