Norway-based infrastructure management software developer eSmart Systems closed a $34.4m funding round yesterday, securing extra cash from investors including Innogy Ventures, the corporate venturing arm of energy supplier Innogy.
Innogy was joined by energy-focused venture fund Energy Impact Partners in a second tranche of undisclosed size. It followed an $18m first close in December 2018 that was led by Equinor Energy Ventures, the corporate venturing arm of energy group Equinor.
The first tranche included Kongsberg Digital, an energy and infrastructure software subsidiary of industrial technology provider Kongsberg, as well as Norwegian state-owned vehicle Nysnø Climate Investments and unnamed existing investors.
Founded in 2013, eSmart Systems supplies a range of artificial intelligence (AI)-driven software products that help energy grid operators manage information from internet-of-things devices and drone cameras.
The company currently markets three products: an image recognition-driven tool for managing grid maintenance drones, a smart electricity distribution monitoring system and an intelligent dashboard that provides users with operational oversight.
The funding will support eSmart’s European and US expansion plans in addition to further development of AI-based technologies.
Kongsberg Digital had originally provided $11.6m for eSmart in December 2016 in return for a 34% stake, as part of a commercial alliance between the pair.
Featured image courtesy of eSmart Systems.