Neara, a Sydney, Australia-based comprehensive 3D simulation and analytics platform for electricity network infrastructure, raised $10 million in Series B extension, bringing its total Series B funding to $24 million.
SaaS Investors
The extension round was supported by Prosus Ventures, Skip Capital, and Square Peg Capital.
Founded in 2015, Prosus Ventures is the corporate venture capital arm of Prosus, based in Hoofddorp, Netherlands. The firm seeks to invest in technology companies operating in the e-commerce, mobility, and logistics, fintech and blockchain, agritech and sustainability, SaaS, and B2B sectors across India, Southeast Asia, Europe, and the Americas.
Skip Capital is a venture capital firm that seeks to invest in the high-growth tech, SaaS & artificial intelligence, health tech, wellness, genomics, energy, food, waste, recycling infrastructure, education, IoT, and robotics sectors. The firm also invests in infrastructure and real assets focusing on companies operating in renewable energy & decarbonization, data infrastructure, up-valuing waste, food infrastructure, and innovative health. Founded in 2018, it is based in Sydney, Australia.
Square Peg invests in emerging technology companies across the internet economy in Australia and New Zealand, Southeast Asia, and Israel. Founded in 2012, the firm seeks to invest in early-stage, growth-stage, and expansion-stage companies. The firm is based in Sydney, Australia, and also has additional offices in Sydney, Australia, and Tel Aviv, Israel.
Neara Use of Funds
The funds will be used to support Neara's global expansion efforts and further develop its System of Enablement functionality.
About Neara
Neara is an infrastructure modeling platform that utilizes artificial intelligence (AI) to create 3D, network-wide models for engineering-grade simulations and analytics. The platform is designed to assist utility operators, particularly in the renewable energy sector, in optimizing their networks, enhancing grid resilience, and accelerating the integration of renewable energy projects. The platform currently enables utility operators spanning over 1 million square miles and 8 million assets in operations to design efficient networks, improve wildfire and vegetation management programs, and expedite the deployment of renewable energy projects using existing infrastructure. Neara's AI-driven simulation and analytics platform aggregates data from various sources into a hyper-realistic digital simulation environment, allowing utilities to model asset responses under different conditions and variables.
Funding Details
Company: Neara
Raised: $24.0M
Round: Series B
Funding Month: September 2023
Lead Investors:
Additional Investors: Prosus Ventures, Skip Capital, and Square Peg Capital
Company Website: https://neara.com/
Software Category: Electric Utility Software
Source: https://www.businesswire.com/news/home/20230927861504/en/