AI-powered predictive modelling software platform firm Neara has raised $45 million in its Series C funding round.
The round was anchored by a consortium led by EQT (a leading global investment organisation), with participation from Partners Group (one of the largest firms in the global private markets industry) and Square Peg Capital (one of the company’s earliest investors). Additional support was provided from existing investors Skip Capital and Prosus Ventures.
Related article: Ausgrid to create digital twin of entire network
The funding will accelerate Neara’s global operations across the United States, the United Kingdom, Europe, and Asia Pacific as the company continues to address increasing energy resilience and infrastructure modernisation challenges.
Neara’s 3D digital modelling technology enables utilities to adopt a more proactive approach to network optimisation through simulations surfacing safety and reliability risks and identifying the most effective remediation actions.
Through Neara, utility partners perform critical analysis in just hours and days that would otherwise take months or years.
“We are asking the grid to do more in the next 10 years than we have in the last 50. Neara helps strengthen critical infrastructure to keep global communities safe, connected, and economically viable despite intensifying severe weather, age, and overuse. Reliable, affordable, clean energy depends on resilient high-functioning infrastructure, which demands the laser-focused, fast decision-making we’re empowering for utilities,” Neara chief commercial officer Jack Curtis says.
Related article: Neara raises $15.25 million to fund global expansion
Originally launched in Australia in 2019, Neara has become a global climate tech leader expanding and now scaling into North America and Europe to accelerate the clean energy transition.
Neara’s extensive work navigating the complexities of Australia’s clean energy transition with local network utilities including Essential Energy, Ausgrid, Endeavour Energy, Powercor, and SA Power Networks, has supported its accelerated expansion into new markets.