Amsterdam-based Overstory, a global vegetation intelligence platform, announced on Friday that it has secured $14M (approximately €13.24M) in a Series A round of funding.
The round was led by B Capital and joined by The Nature Conservancy, Convective Capital, Semapa Next, Bentley iTwin Ventures, Pale Blue Dot, CapitalT, Moxxie Ventures, and Overwater Ventures.
Driving sustainability: climate, AI, and utility convergence
According to Overstory, utility teams are under immense pressure after facing daily challenges of climate change, wildfires, extreme weather, and power outages. With aging infrastructure and shrinking budgets, there’s a critical need for innovative technology.
The rapid evolution of AI offers the potential to enhance existing processes and unlock new possibilities, revolutionising how utilities respond to modern demands and climate shifts.
This is where Overstory looks to make a difference.
Founded in 2018 by Indra den Bakker, Anniek Schouten and Roelof Pieters, Overstory aims to use artificial intelligence to understand and protect the world’s vegetation.
The company’s focus areas include enhancing power reliability, preventing wildfires, and optimising operational efficiencies for utility teams.
Through technology, Overstory claims to address urgent environmental needs and contributes significantly to combating climate challenges.
Indra den Bakker says, “Because the specialised AI that we developed integrates with existing data and workflows, our utility customers can immediately spot the areas along their power lines where there are risks of wildfires and outages.”
“We are grateful for the partnership with our investors and look forward to furthering our mission to combat the climate crisis,” adds Bakker.
Capital utilisation
Overstory says it will use the funds to boost the growth of its vegetation intelligence platform and team. The company aims to help utility partners deliver power safely and reliably, contributing to the mitigation of wildfires and the climate crisis.
“We take pride in our ever-expanding community of investors, teammates, and customers who are committed to mitigating wildfires and the climate crisis, protecting and restoring natural resources, and using innovative technology to operate efficiently and effectively,” says Overstory.
Investing in tech, quality, and partnerships
Overstory mentions that its expertise lies in both technology and forestry, allowing them to understand its customers’ needs deeply. Its vegetation intelligence platform processes extensive satellite imagery, providing unprecedented insights at both territory-wide and tree-level scales.
The company has partnered with over 40 electric utilities globally, including four of the top 10 US utilities, innovative coops, and leaders across Canada, Brazil, and Europe.
Overstory has enhanced reliability and wildfire prevention for clients like Powder River Electric Cooperative, Holy Cross Energy, and Fortune 500 utilities. The company claims to have monitored 2 million acres of land and safeguarded $6B worth of utility assets.
Moving forward, the Dutch company’s focus remains on refining their intelligence platform, employing advanced machine learning models, and expanding customer-friendly tools, all with the goal of fostering a safe, reliable, and biodiverse future.
Karen Page, General Partner at B Capital, says, “Utility companies now have an acute problem with the confluence of catastrophic wildfires, extreme weather, power outages and a changing climate. This has forced these providers to adjust the way they work and ultimately take a more data-driven approach.”
“We are proud to partner with the incredible team at Overstory and support their work to leverage AI and create a safer, more reliable grid,” adds Page.
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