Based in Halden, Norway, eSmart System provides AI-powered solutions for inspecting and maintaining critical infrastructure.
On Monday, October 28, the company announced that it had secured €30M funding. TiLT Capital led the round, with Quanta Services participating as a strategic investor.
Existing investors, including Arosa Capital, Energy Impact Partners, Equinor Ventures, Nysnø Climate Investments, Future Energy Ventures, and Kongsberg Group also participated in the capital raise.
eSmart System has raised a total of €63M over the past two years. Back in 2022, the company raised nearly €40m in a Series B round of funding.
In addition to funding, Quanta plans to collaborate with the Norwegian company on virtual inspection and grid digitalisation services in the North American market, leveraging its extensive scale, resources, and expertise.
The announcement was made after the company signed several strategic contracts with prominent customers such as Alliander and E.ON.
“We are very excited to join forces with TiLT and Quanta, both of whom have a deep understanding of the market we operate in and bring significant partnership and strategic value to further accelerate our growth. In a challenging macro environment, we managed to successfully close the round thanks to the strong momentum we are experiencing,” says Henrik Bache, CEO of eSmart Systems.
eSmart Systems: Inspecting and maintaining critical infrastructure
Led by Henrik Bache, eSmart Systems develops an AI-based solution to inspect and maintain critical energy 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.
The investor
In 2021, TiLT Capital joined Siparex, an independent French specialist in Private Equity, to become the group’s Energy Transition platform.
“Power network’s resilience and reliability are at the heart of the energy transition that is taking place. eSmart Systems has developed a world-class technology product that will support the ability of grids to adapt to a new reality of the power industry. We are excited to support the company in its growth journey, but also to penetrate the untapped potential in its existing customer base, which includes 50 of the largest grid companies worldwide,” says Nicolas Piau, Co-Founder & CEO at TiLT Capital Partners.
Quanta provides specialised infrastructure solutions to the utility, renewable energy, technology, communications, industrials, and pipeline industries.
Quanta’s comprehensive services include designing, installing, repairing, and maintaining energy and communications infrastructure.
“We continue to focus on providing our customers with the best solutions the market has to offer. By pairing eSmart Systems’ leading technology for virtual inspections with Quanta’s aviation, field force, and program management capabilities, Quanta will be able to both identify and resolve potential problems before they result in outages,” says Andrew Schwaitzberg Senior Vice President at Quanta Services.
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