Neara, an innovative startup specializing in infrastructure modeling, has recently announced a significant capital raise extension of €9.3 million. This funding round, led by Prosus Ventures and supported by existing investors Skip Capital and Square Peg, brings Neara's total Series B funding to an impressive €22.5 million. The company's groundbreaking AI-driven 3D network modeling technology is poised to revolutionize the energy industry by creating engineering-grade simulations and analytics for utilities worldwide.
Empowering Utilities with AI-Driven Modeling: Neara's enterprise-grade platform harnesses the power of artificial intelligence and machine learning to consolidate diverse data sources from utilities into a hyper-realistic digital simulation environment. This 3D network modeling technology allows utilities to simulate the real-world behavior of their assets under various conditions, taking into account hundreds of network and environmental variables. By doing so, it enables utilities to address network vulnerabilities, enhance grid resilience, and improve their response to severe weather events. Additionally, it reduces the reliance on labor-intensive manual field surveys, ushering in a new era of efficiency.
Accelerating Global Expansion: The fresh investment capital will be instrumental in Neara's efforts to expand its presence globally, with a particular focus on Europe and the United States. This expansion is a testament to Neara's commitment to driving positive change in the energy sector by providing utilities worldwide with the tools they need to make informed, system-wide decisions.
Introducing the "System of Enablement": One of Neara's exciting developments is its "System of Enablement" functionality, which aims to eliminate constraints hindering renewable energy integration into the grid. This innovative system addresses issues related to network availability and accessibility, streamlining the process of connecting renewable generation sources to the grid. By doing so, Neara aims to play a pivotal role in advancing the adoption of clean energy solutions.
Neara Chief Commercial Officer Jack Curtis emphasizes the importance of this new functionality, stating that it will serve as a central decision-making platform for key stakeholders in the energy transition ecosystem. This platform will provide insights into optimizing existing electricity network infrastructure, enabling faster and more efficient renewable energy integration.
Impacts and Achievements: Neara's AI platform is already making a significant impact, with utility operators spanning over 1 million square miles and managing 8 million assets benefiting from its capabilities. Notable achievements include doubling network capacity in Central Texas and increasing network availability in New South Wales, Australia, through precise modeling and software analytics. Source: eu-startup
Prosus Ventures' Involvement: Prosus Ventures, a key player in this funding round, shares Neara's vision for a cleaner, safer, and electrified future. Sachin Bhanot, Head of SEA & ANZ Investments at Prosus Ventures, highlights their commitment to using technology to address climate change and deliver sustainable solutions, making this partnership particularly significant.
Neara, a dynamic startup, is at the forefront of the energy transition, empowering utilities with cutting-edge AI-driven infrastructure modeling. With substantial funding and the introduction of the "System of Enablement," Neara is poised to accelerate the world's transition to a cleaner and more efficient energy ecosystem. This startup's commitment to innovation and sustainability positions it as a key player in the transformation of the energy industry
