Norway-based eSmart Systems, a company that develops an AI-based solution to inspect and maintain critical energy infrastructure, announced on Monday, August 22, that it has raised ~€40m in a Series B round of funding. The company says that the funds will help accelerate its commercial development and international growth.
Equinor Ventures, Kongsberg Group, Nysnø Climate Investments, Energy Impact Partners, Future Energy Ventures, and US-based Arosa Capital participated in the round.
Till Bechtolsheimer, CEO of Arosa Capital, says, “eSmart Systems has the right solutions, team, and investor base to succeed globally, and we believe it will play a vital role in the energy transition. We look forward to actively contributing to the growth trajectory that the company is on.”
eSmart Systems’ scope of growth
With over 20 years in the field, the Norwegian company has global customers and tie-ups with some of the world’s largest energy companies, such as Naturgy, Xcel Engery, and E.ON.
In a press release, the company mentions that the global energy transmission network is expected to triple in size, with over $18 trillion to be invested by 2050 to reach net zero as per Princeton Environmental Research and Rystad Energy. This creates a massive growth opportunity for eSmart Systems.
Earlier this year, the company acquired Stavanger-based Verico, an Enterprise Asset Management company, to strengthen its international presence and expand its platform.
Henrik Bache, CEO of eSmart System says, “Our investors’ deep domain expertise and strategic support will have a major impact on our commercial development,” said Henrik Bache, who became CEO of eSmart Systems last fall. “Our existing investors’ decision to continue to support us is an important vote of confidence – in both our company and our mission to create intelligent solutions that accelerate the energy transition to a sustainable future.”
He further added, “The current geopolitical situation has increased attention on energy security and emphasised the need for a stable power grid. We are also experiencing more frequent occurrences of extreme weather, resulting from climate change, making power infrastructure more vulnerable. eSmart Systems is uniquely positioned to assist grid operators in meeting these challenges.”
About eSmart Systems
eSmart Systems is a leading supplier of AI-driven inspection and maintenance solutions for critical infrastructure. The firm delivers inspection management, and asset information management systems and services to utilities worldwide through its AI-based solution, Grid Vision.
The company says that Grid Vision offers a data-driven and condition-based way to inspect infrastructure. It helps utilities cut costs, improve safety, improve the quality of asset data, and extend the life of assets.
About Arosa Capital
U.S.-based Arosa Capital Management LP manages alternative investment funds with an emphasis on renewable and nonrenewable energy. Founded in 2013, Arosa claims it invests in venture firms, private and public companies, credit, and commodities by using basic research, a lot of experience, and a deep understanding of the energy markets.