Infrastructure Tech Startup Neara Raises $24 Million to Help Utilities Deploy Renewable Energy, Reduce Climate Risk
Infrastructure modeling platform Neara announced that its Series B funding round has reached $24 million, with a new $10 million capital raise extension, with proceeds aimed at supporting its solution enabling utilities to connect renewable energy to the grid and to mitigate climate-related risk.
Founded in 2016, Australia-based Neara uses artificial intelligence to create 3D, network-wide models for engineering-grade simulations and analytics to help utilities future-proof their infrastructure. Utilities use Neara’s model to simulate how their assets will respond in the real world under any condition based on hundreds of network and environmental variables. These models help eliminate network monitoring blind spots in stress-testing grid resilience and improving severe weather response while reducing reliance on manual field surveys.
Neara will use the new investment to accelerate its global expansion, expanding its focus in the United States and Europe, in addition to further developing the company’s new System of Enablement functionality, which aims to removes many of the constraints that prevent renewable generation from connecting to the grid. The company’s platform also enables utility operators to design efficient networks, enhance wildfire and vegetation management programs, and to bring renewable projects online faster using existing infrastructure.
Neara Chief Commercial Officer Jack Curtis said:
“Neara’s AI simulation and analytics platform sits at the center of the energy transition to ensure utilities are empowered to make holistic, system-wide decisions. Our System of Enablement delivers one unified model to resolve critical macro issues, from designing stronger grids to mitigating damage caused by catastrophic weather events, as well as bringing renewable energy online faster using existing network infrastructure.”
The round featured participation by Prosus Ventures and was supported by Neara’s existing investors, Skip Capital and Square Peg Capital.
Sachin Bhanot, Head of SEA & ANZ Investments, Prosus Ventures, said
“At Prosus Ventures, we focus on driving a positive impact on society and the planet through our investments. We are thrilled to partner with Neara in fast-tracking the world to a cleaner, safer, and electrified future. We believe in the power of technology to solve the greatest challenges facing us — including action on climate change, affordable access to digital services, and delivery of sustainable products and services.”