London-based Sensat, a company that digitises and automates infrastructure planning, building, and management, announced on Thursday, October 20, that it has raised $20.5M (approximately €19.06M) in a Series B round of funding led by National Grid Partners.
The company’s existing investors also participated in the round.
Sensat says it will use the funds to help drive digital automation in infrastructure projects in the energy, rail, and telecommunications sectors. The company says that while digital adoption has been rapid in other sectors, these sectors have traditionally lacked the productivity gains associated with it.
James Dean, CEO of Sensat, says, “We are delighted to welcome National Grid Partners as a shareholder and look forward to serving utility customers in the UK, US, and beyond, bringing a new era in digital automation for the utility and wider infrastructure sectors.”
Founded in 2017, Sensat helps infrastructure owners and their construction partners deliver on time and within budget. Sensat claims that using its tools, teamwork has gotten better, hidden risks have been found, site visits have been cut out, and whole projects can be seen through a single window.
Teams are able to visualise and collaborate on high-resolution, multi-layered digital twins, which results in faster project completion, fewer errors, lower costs, and better overall results.
Sensat claims that its software is used to plan, build, and manage assets worth over $150B worldwide.
Sensat’s future with National Grid’s investment
With the investment from National Grid Partners, National Grid’s corporate venture capital and innovation arm, Sensat says it will be able to manage utility infrastructure projects more competently.
National Grid’s presence in the US market will also provide Sensat with a better understanding of the unique needs of the market, allowing it to customise its platform.
Ian Cooper, Head of European Venture Capital at National Grid Partners, says, “Many of the world’s largest infrastructure projects already use Sensat to digitise the planning, development, and management of their infrastructure projects and enhance team collaboration – eliminating the largely manual processes and data silos that characterise traditional project management. We hope to see Sensat become the leading digital twin solution for infrastructure projects in the utility industry and beyond.”