Neara Secures $24M Series B Boosting Utilities' Resilience and Renewable Energy Integration
Rebeca Moen Sep 28, 2023 13:16
Neara, with a fresh $24M Series B funding, is set to bolster its AI-centric infrastructure modeling platform, aiming to mitigate climate risks faced by utilities and accelerate renewable energy integration. The investment led by Prosus Ventures will fuel Neara's global expansion and the development of its novel System of Enablement functionality, facilitating a smoother transition towards renewable energy, especially in the US and Europe.
Key Takeaways
* Neara clinches $24M in Series B funding, taking the total to $24M with a $10M extension led by Prosus Ventures on September 27, 2023.
* The infusion will bolster Neara's AI-driven infrastructure modeling platform advancing natural disaster mitigation and clean energy assimilation.
* Neara's ambitious global expansion and novel System of Enablement functionality are set to catalyze the energy transition, especially in the US and Europe.
Sydney-based Neara, a pioneer in infrastructure modeling employing artificial intelligence (AI) for comprehensive 3D network simulations and analytics, heralded a $10M additional capital influx on September 27, 2023, alongside a groundbreaking case study to amplify the existing line capacity for renewable energy. Prosus Ventures led the Series B extension, with existing investors Skip Capital and Square Peg Capital showing continued support, elevating Neara's total Series B fund to $24M. The new capital is earmarked for accelerating Neara's international footprint and the furtherance of its innovative System of Enablement functionality.
Harnessing AI for Renewable Energy Integration
At the core of Neara's mission is its AI simulation and analytics platform, poised as a linchpin in the energy transition, enabling utilities to make well-informed, system-wide determinations. The System of Enablement proffers a unified model to tackle paramount macro issues, ranging from robust grid designs, mitigating catastrophic weather-induced damages, to speeding up renewable energy incorporation utilizing existing network infrastructure, articulated Neara's Chief Commercial Officer Jack Curtis. The investment from Prosus Ventures is deemed a catalyst in hastening the development of Neara's System of Enablement to offer a centralized decision-making platform for crucial stakeholders in the energy transition ecosystem.
Global Expansion and Technology Advancements
With sights set on the United States and Europe, Neara aims to deliver enterprise-grade, 3D network modeling technology, leveraging AI/Machine Learning (ML) to harmoniously aggregate utilities' diverse data spectrum into a hyper-realistic digital simulation environment. The technology empowers utilities to envisage how their assets will behave in real-world scenarios under varied conditions based on an extensive array of network and environmental variables. This is instrumental in eradicating network monitoring blind spots, enhancing grid resilience against severe weather, and diminishing reliance on manual field surveys.
Empirical Case Studies and Strategic Partnerships
In a collaboration with EMPACT Engineering, Neara executed a proprietary line rating case study in a burgeoning Central Texas region. The platform identified that a staggering 94.5% of the lines could safely operate at double the current capacity, thereby significantly augmenting clean energy integration using existing infrastructure. Similarly, in New South Wales, Australia, a partnership with Essential Energy yielded a twofold increase in existing network availability through software analytics, enlarging the scope for renewable asset connectivity.
Addressing Network Constraints and Accelerating Renewable Infrastructure
Beyond merely enhancing existing infrastructure, Neara is fervently addressing major network bottlenecks to the energy transition, particularly the development and construction of new transmission lines. Through Neara's platform, network utilities can employ a whole-of-life-cycle network model for route optimization, community engagement, and boosting development and construction pace, eventually hastening the time frame within which vital renewable infrastructure can be operationalized and utilized to clear renewable project backlogs.
About Neara and Prosus Ventures
Headquartered in Sydney, Australia, Neara stands as the world's most extensive 3D simulation and analytics platform for electricity network infrastructure, facilitating sophisticated analyses for real-world scenario understanding, thereby enabling grid operators to make highly precise decisions. On the other side, Prosus, a global consumer internet group, is steadfast in driving positive societal and planetary impact through technology investments, with a portfolio extending across online classifieds, food delivery, payments and fintech, and education technology sectors, among others.
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