Safegrid, a Helsinki, Finland-based developer of Smart Grid monitoring solutions, raised €5.7m in funding.
The round was led by investor group led by Ajanta Innovations in cooperation with Teollisuussjoitus, Grid.VC, and angel investors.
The company intends to use the funds to accelerate its international expansion, especially in the US and EU markets.
Led by CEO Jussi Hakunti, Safegrid is the creator of the Intelligent Grid System™ that helps utilities and grip operators locate, predict, and prevent grid faults and improve grid performance with instant-on wireless sensors and cloud-based monitoring and analytics. Already used by dozens of utilities in Finland and nearby countries, the solution gives utilities and grid operators full 24/7 visibility into their grids and lets them locate faults faster and more accurately than before and predict faults for timely preventive maintenance that improves grid performance and increases equipment service life.
Safegrid’s sensors gather more granular information about the state of the grid than traditional solutions, and they are less expensive and easier to deploy. The data is analyzed with its Grid Guardian™ cloud service, which helps detect and locate faults even before they cause service disruptions. Partial ground faults caused by, e.g., tree branches touching overhead lines (which cause devastating forest fires in California) or corroded insulators in underground lines can be located accurately, and crews can be sent fast to the correct location. This enables utilities to eliminate service outages or, at the very least, significantly reduce their duration.
FinSMEs
21/02/2023