Norway’s eSmart Systems — a provider of AI-powered services and solutions for the inspection and maintenance of critical energy infrastructure — announced that it has raised €30 million.
French growth capital impact fund TiLT Capital Partners led the round, with US energy infrastructure solutions company Quanta Services, Inc. joining as a strategic investor.
Existing owners Arosa Capital, Energy Impact Partners, Equinor Ventures, Nysnø Climate Investments, Future Energy Ventures and Kongsberg Group also participated in the capital raise.
“The capital raise comes at a time of very strong demand for eSmart Systems, which has recently signed several strategic contracts with prominent customers such as Alliander and E.ON,” said eSmart Systems.
“With a total of EUR 63 million raised over the past two years, eSmart Systems not only reaffirms strong investor interest but also solidifies its position as one of the best-funded companies in the industry.
“This financial strength positions eSmart Systems uniquely to capture significant market opportunities and drive innovation in AI-based solutions for critical energy infrastructure …
“With Quanta joining eSmart Systems as a strategic investor, the two companies plan to collaborate on virtual inspection and grid digitalization services in the North American market, leveraging Quanta’s extensive scale, resources and expertise and eSmart Systems’ cutting edge digital solutions.”
eSmart Systems CEO Henrik Bache said: “We are very excited to join forces with TiLT and Quanta, both of whom have a deep understanding of the market we operate in and bring significant partnership and strategic value to further accelerate our growth.
“In a challenging macro environment, we managed to successfully close the round thanks to the strong momentum we are experiencing.”
TiLT Capital Partners CEO Nicolas Piau said: “Power networks resilience and reliability are at the heart of the energy transition that is taking place.
“eSmart Systems has developed a world class technology product that will support the ability of grids to adapt to a new reality of the power industry.
“We are excited to support the company in its growth journey, but also to penetrate the untapped potential in its existing customer base, which includes 50 of the largest grid companies worldwide.”