Taking a future-ready approach to grid infrastructure with eSmart Systems
We believe that the future of energy starts right now. As new technologies advance and global trends like decentralisation, democratisation and digitisation take hold, so too will the energy system evolve – and fast. As investors and mentors, we know that it is imperative that we both protect and help advance the energy system of the future. That’s why we are excited to announce innogy Ventures as a new investor and shareholder in eSmart Systems, a provider of AI driven software for the inspection of powerlines, grid maintenance planning and energy flexibility optimization.
“We are proud to support this terrific team with deep energy industry experience. Based on exceptional AI capabilities, eSmart is providing the next level software needed for a digital, decarbonized and decentralised future energy world. Its Connected Drone product, for example, supports grid operators to maintain their assets with unparalleled efficiency via automated fault detection. With its leading technology, an impressive customer base and powerful investor consortium, eSmart is perfectly placed for rapid international scaling”, said Thomas Labryga, Investment Partner at innogy Ventures.
The move to new, open and decentralised infrastructures is one of our key focus areas at innogy Innovation Hub in our overall mission to transform the future of energy. eSmart’s AI driven approachfor grid asset management and maintenance prolongs usable asset life and increases operational and capital efficiency. Ultimately, this reduces energy waste and contributes significantly to our vision.The partnership is a win-win situation. The funding round lays a solid foundation from which eSmart Systems can accelerate its growth both in American and European markets.
eSmart Systems has already dozens of customers, spanning multiple countries including Norway, Denmark, the UK and the US. The company is also a Microsoft Partner and its CTO, Erik Asberg, has been appointed as a Microsoft Regional Director.
Joining innogy Ventures in the more than 34 million USD growth investment round is Energy Impact Partners (EIP), a US utility-backed investment fund. The round was initially closed by Equinor Energy Ventures, Nysnø Climate Investments and Kongsberg Digital in December 2018.
“We are proud to announce EIP and innogy Ventures as eSmart Systems’ new growth partners and shareholders. This partnership has great potential for the energy industry, and we see this as an excellent platform for propelling eSmart Systems into its next phase of international expansion”, said Knut Johansen, CEO and founder of eSmart Systems.