Key Takeaways
* Neara has secured $24 million in Series B funding, with an additional $10 million led by Prosus Ventures on September 27, 2023.
* This funding will support Neara’s AI-driven infrastructure modeling platform, which aims to advance natural disaster mitigation and clean energy assimilation.
* Neara’s global expansion plans and System of Enablement functionality are expected to accelerate the energy transition, particularly in the US and Europe.
Neara Raises $10M for AI-driven Infrastructure Modeling Platform
Sydney-based company Neara has received an additional $10 million in funding on September 27, 2023. The funding round was led by Prosus Ventures and brings Neara’s total Series B funding to $24 million. Neara specializes in infrastructure modeling using artificial intelligence (AI) for comprehensive 3D network simulations and analytics. The company plans to use the new capital infusion to expand its international presence and further develop its innovative System of Enablement functionality.
Utilizing AI for Renewable Energy Integration
Neara’s AI simulation and analytics platform plays a crucial role in the energy transition by enabling utilities to make informed decisions. The System of Enablement provides a unified model that addresses important macro issues such as grid designs, mitigating weather-related damages, and accelerating renewable energy integration. The investment from Prosus Ventures will help expedite the development of Neara’s System of Enablement, offering a centralized decision-making platform for key stakeholders in the energy transition ecosystem.
Global Expansion and Technological Advancements
Neara aims to expand its operations in the United States and Europe by delivering enterprise-grade, 3D network modeling technology. By leveraging AI and machine learning, Neara’s platform aggregates utilities’ diverse data to create hyper-realistic digital simulations. This technology allows utilities to anticipate how their assets will perform in real-world scenarios, enhancing grid resilience and reducing the need for manual field surveys.
Case Studies and Partnerships
Neara has partnered with EMPACT Engineering to conduct a line rating case study in Central Texas, which revealed that 94.5% of lines could safely operate at double their current capacity. This finding greatly enhances clean energy integration using existing infrastructure. Additionally, a partnership with Essential Energy in New South Wales resulted in a twofold increase in network availability through software analytics, expanding opportunities for renewable asset connectivity.
Addressing Network Constraints and Accelerating Renewable Infrastructure
Besides improving existing infrastructure, Neara is focused on addressing network bottlenecks in the energy transition, particularly the construction of new transmission lines. Neara’s platform enables network utilities to optimize routes, engage with communities, and expedite development and construction. This ultimately speeds up the operationalization of vital renewable infrastructure and helps clear project backlogs.
About Neara and Prosus Ventures
Neara is headquartered in Sydney, Australia, and provides a comprehensive 3D simulation and analytics platform for electricity network infrastructure. Its technology enables grid operators to make precise decisions by analyzing real-world scenarios. Prosus Ventures, a global consumer internet group, is dedicated to making positive societal and planetary impacts through its technology investments.
Hot Take: Neara Receives $10M Funding for AI-driven Infrastructure Modeling Platform
Neara, an infrastructure modeling company based in Sydney, has secured an additional $10 million in funding led by Prosus Ventures. The funding will support Neara’s AI-driven platform, which aims to advance natural disaster mitigation and clean energy assimilation. Neara’s global expansion plans and System of Enablement functionality are expected to accelerate the energy transition, particularly in the US and Europe. With its innovative technology and strategic partnerships, Neara is well-positioned to revolutionize the electricity network infrastructure industry and drive positive change in the renewable energy sector.
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