Neara, a digital twin for the infrastructure industry, is expanding globally, with a strategic focus on the US, to help energy providers manage the growing impact of climate change and extreme weather, improve network safety and reliability and accelerate the integration of clean energy.
Neara announced it has secured $14 million in Series B funding—led by Skip Capital, and joined by Square Peg Capital (which led Neara’s Series A raise) and OIF.
The Australian-based software as a service (SaaS) platform will use this latest funding to expand its global footprint—with a focus on further growing its US presence—and broaden its platform functionality, including into new industries. Following its $5 million Series A secured in 2021, Neara’s Series B brings its investment total to $19 million to date.
Neara aims to solve the greatest issues faced by utilities, including an increasingly unstable climate, extreme weather events and commitments to scale up renewable energy generation.
Neara creates digital models of entire infrastructure networks, which aim to enable utilities to prepare for and better withstand weather emergencies. It also aims to enable the complex engineering analysis required to optimise existing networks and integrate renewables more efficiently and effectively.
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“The critical infrastructure we all rely on daily for fundamental needs like electricity is under pressure from annual weather emergencies like floods and fires. The utility industry is spending billions physically assessing and maintaining their ageing assets, and simultaneously trying to resolve how to integrate renewable assets. Our platform enables a holistic approach to addressing these key challenges while enabling leaps forward in cost reduction, safety and reliability for our customers and the communities they serve.” stated Jack Curtis, chief commercial officer at Neara.
“We are delighted to lead this round and really excited about Neara’s global potential,” added Kim Jackson, head of Skip Capital. “This is our third investment in the company, and they continue to impress us with their product, focus and vision. They have already digitally modelled more than half of Australia’s electricity network, helping to transform the way utilities operate their infrastructure and respond to weather crises such as wildfires and floods, which have now become regular events.”
Founded in 2016 by ex-Google software engineer Daniel Danilatos, Neara uses artificial intelligence and machine learning.
Its software can be used to design or redesign parts of the network, analyse potential risks and manage physical assets with a physics and engineering engine.
This post was originally published on Power-Grid International in light of DISTRIBUTECH 2022.