Ingenious leads investment round in intelligent field operations management software start-up
Ingenious today announces that its Infrastructure Ventures EIS Service has led a USD4 million A-series investment round in Shoreline. The Norway-based start-up has built an intelligent field operations and project development platform to help develop profitable wind projects by constructing and operating them efficiently using schedule optimisation and simulation.
The investment will allow Shoreline to capitalise on the rapid growth in the renewables market, which it believes has resulted in larger and more expensive projects. Shoreline will also be able to enhance its service to existing wind farms and assets that require service providers, project developers, OEMs, and operators to look for new and more advanced ways to plan and execute projects and daily operations.
Already used on wind projects globally by some of the largest players in the industry, the Shoreline software creates a ‘digital twin’ of all the workflows, resources and assets that can be used in a combination of simulation models and schedule optimisation to analyse numerous complex field service, supply chain, and project scenarios. This allows firms to find the optimal solution for these high value projects.
Shoreline also offers an integrated solution with scenario analysis, resource management, reporting, planning and construction management with intelligent optimisation and automation of workflows.
Guy Ranawake, senior investment director at Ingenious, comments: “There has been rapid growth in renewables generation, which we expect to continue as we transition toward a net zero world by 2050. Shoreline’s development platform, which covers design and construction through to operation will allow clients to improve efficiency, consistently helping projects to meet both cost and time targets. We are very happy to support Shoreline and look forward to seeing the growth of the company, which aligns strongly with our investment strategy and renewable energy infrastructure sector focus.”
Ole-Erik V Endrerud, founder and CEO at Shoreline, says: “Software is already a central tool in any organisation that constructs and operates large renewable projects, but we have seen an incredible push from the industry as a whole towards new solutions that can help automate workflows and assist technicians and planners to optimise schedules in seconds, in a user friendly and enterprise-ready package.”
The transaction was led by Ingenious’ infrastructure division with participation from existing investors Blue Bear Capital, Alliance Venture, and Investinor, which backed the company’s earlier seed round. It represents the sixth investment round from the Infrastructure Ventures EIS Service, following the backing of TeraView, the pioneer and leader in terahertz technology and solutions; 3D Repo, a cloud-based digital platform designer; Winnow, the technology company behind Winnow Vision, the artificial intelligence tool helping chefs cut food waste in half; Over-C, an analytics company focused on operational performance in the workforce management market; and Reactive Technologies, a technology platform facilitating the transition to a low carbon future.