eSmart Systems, a Norwegian provider of AI-based analytics for infrastructure inspection and asset health monitoring, has completed a capital raise of USD 34.4 million.
Energy Impact Partners (EIP), the US utility-backed investment fund, and innogy Ventures have joined the investment round initially closed by Equinor Energy Ventures, Nysnø Climate Investments, and Kongsberg Digital which closed in December 2018.
Currently, eSmart’s software oversees electricity operations for 48 customers in seven countries, including Norway, Denmark, the United Kingdom, and the US The company is also a Microsoft Partner and its CTO, Erik Aasberg, has been appointed as a Microsoft Regional Director.
“We are proud to announce EIP and innogy Ventures as eSmart Systems’ new growth partners and shareholders. This partnership has great potential for the energy industry, and we see this as an excellent platform for propelling eSmart Systems into its next phase of international expansion,” says Knut Johansen, CEO and founder of eSmart Systems.
Strong partnerships are essential for eSmart’s further growth. For the last six years eSmart Systems has received the support of several global players as partners and shareholders, including Equinor Energy Ventures, Nysnø Climate Investments and Kongsberg Digital. With EIP and innogy Ventures entering as shareholders in a second closing, eSmart Systems has fulfilled its ambition to establish a solid foundation from which to expand in both American and European markets.
EIP is a leading US venture fund focusing on the energy sector backed by some of the world’s largest and most progressive utilities. innogy Ventures is the venture capital investment arm of innogy Innovation Hub, funded by innogy SE which is one of Europe’s leading energy companies.
“eSmart Systems can help utilities ensure and maintain the reliability, safety, and resiliency of the electric grid,” says Energy Impact Partners’ Michael Donnelly. “EIP is thrilled to have eSmart as a portfolio company and co-invest alongside such strong partners. eSmart’s intelligent analytics solution for energy and utility companies has immediate use cases for our investor base. It helps utilities efficiently and effectively analyze existing and expanding data sources (including images and sensors), providing actionable insights for transmission and distribution systems.”
“We are proud to support this terrific team with deep energy industry experience. Based on exceptional AI capabilities, eSmart is providing the next level software needed for a digital, decarbonised and decentralised future energy world. Its Connected Drone product, for example, supports grid operators to maintain their assets with unparalleled efficiency via automated fault detection. With its leading technology, an impressive customer base and powerful investor consortium, eSmart is perfectly placed for rapid international scaling,” says Thomas Labryga, Investment Partner at innogy Ventures.