eSmart Systems, a Halden, Norway-based provider of AI-based analytics for infrastructure inspection and asset health monitoring, completed a capital raise of USD 34.4m.
Energy Impact Partners (EIP) and innogy Ventures have joined the investment round initially closed by Equinor Energy Ventures, Nysnø Climate Investments, and Kongsberg Digital which closed in December 2018.
The company intends to use the funds for international expansion in both American and European markets.
Led by Knut Johansen, CEO and founder, eSmart Systems builds and delivers AI-powered software solutions for inspections of powerlines, grid maintenance planning and energy flexibility optimization. Currently, the company’s software oversees electricity operations for 48 customers in 7 countries, including Norway, Denmark, the United Kingdom, and the U.S.
eSmart Systems is also a Microsoft Partner and its CTO, Erik Aasberg, has been appointed as a Microsoft Regional Director.