Neara, a Sydney, Australia-based provider of an infrastructure modeling platform that uses artificial intelligence (AI) to create 3D, network-wide models for engineering-grade simulations and analytics, raised $10M in Series B extension.
The round, which brought the total amount to $24M, saw participation from Prosus Ventures and existing investors, Skip Capital and Square Peg Capital.
The company intends to use the funds to accelerate its global expansion, in addition to further developing its new system of enablement functionality.
Neara provides a 3D simulation and analytics platform for electricity network infrastructure that works with AI functionality and enables analysis to understand how networks behave in real-world environments during any scenario — empowering grid operators to make highly accurate decisions. Its predictive capabilities help mitigate high-risk exposure areas, combat the effects from climate change and extreme weather events, as well as accelerate renewable energy integrations by leveraging existing infrastructure.
The AI platform currently enables utility operators spanning 1M+ square miles and 8M+ assets in operations to design efficient networks, enhance wildfire and vegetation management programs, as well as bring renewable projects online faster using their existing infrastructure.
Neara will expand its focus in the United States and Europe, offering enterprise-grade, 3D network modeling technology that uses AI/ML to aggregate utilities’ broad spectrum of data sources into one hyper-realistic digital simulation environment.
FinSMEs
27/09/2023