eSmart Systems, an Oslo, Norway-based provider of AI-driven inspection and maintenance solutions for critical energy infrastructure, has raised €30 million in funding.
Investors
The round was led by TiLT Capital, with Quanta Services participating as a strategic investor. Existing stakeholders, including Arosa Capital, Equinor Ventures, and Nysnø Climate Investments, also contributed.
Founded in 2018, TiLT Capital joined Siparex, an independent French specialist in private equity, in 2021, becoming the energy transition platform of the group. This partnership combines the experience of a major private equity player with the expertise of a team with over 50 years in the energy industry, aimed at meeting the growing financing needs of the energy transition.
eSmart Systems Use of Funds
The company plans to use the funds to accelerate its growth.
About eSmart Systems
Founded in 2012, eSmart Systems provides AI-based solutions for the inspection and maintenance of critical energy infrastructure, specifically for electric utilities and grid operators. The company leverages AI, machine learning, and data analytics. With the Grid Vision® portfolio, the company provides inspection management and asset information management solutions and services to utilities globally. Grid Vision provides a data-driven and condition-based approach to infrastructure inspections.
Funding Details
Company: eSmart Systems AS
Raised: €30.0M
Round: Undisclosed
Funding Date: October 2024
Lead Investor: TiLT Capital
Additional Investors: Quanta Services, Arosa Capital, Equinor Ventures, Nysnø Climate Investments
Company Website: https://www.esmartsystems.com/
Software Category: Inspection and Maintenance Solutions
Source: https://www.esmartsystems.com/news-and-resources/esmart-systems-raises-eur-30-million-in-investment-to-accelerate-growth/