eSmart Systems, a global leader in AI-based solutions for inspection and maintenance of critical energy infrastructure, has successfully raised EUR 30 million in new capital. The funding round has been led by TiLT Capital, the French energy transition platform of the Siparex Group, and with Quanta Services participating as a strategic investor.
Oslo, Norway, October, 2024 – eSmart Systems announces that it has raised EUR 30 million. TiLT Capital Partners, a French growth capital impact fund led the round, with major US energy infrastructure solutions company Quanta Services, Inc. (Quanta), joining as a strategic investor. Additionally, major existing owners Arosa Capital, Energy Impact Partners, Equinor Ventures, Nysnø Climate Investments, Future Energy Ventures and Kongsberg Group have 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. 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.
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.
Strong market uptick
A global pioneer in AI-based solutions for inspection and digitalization of critical energy infrastructure, eSmart Systems operates in a market that is currently experiencing a strong uptick due to a combination of factors.
Electric utilities face significant challenges with a global grid at the risk of collapse due to aging infrastructure, increased energy consumption and more frequent extreme weather events. Lack of quality asset data compromises their ability to efficiently manage the grid.
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.
Growth driver in North America
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.
“We are very excited to bring Quanta onboard as an investor and a strategic partner. Our joint capabilities will be unmatched in the market, making us uniquely equipped to help transition utilities to more data driven and proactive operations.”, says Bache.
We continue to focus on providing our customers with the best solutions the market has to offer. By pairing eSmart Systems’ leading technology for virtual inspections with Quanta’s aviation, field force, and program management capabilities, Quanta will be able to both identify and resolve potential problems before they result in outages.
About eSmart Systems
eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. With the Grid Vision® portfolio, the company provides Inspection Management and Asset Information Management solutions and services to utilities globally. Grid Vision provides a data-driven and condition-based approach to infrastructure inspections and support utilities to reduce inspection costs, improve inspection safety, improve the quality of asset data and prolong asset life. More information about the company can be found at www.esmartsystems.com.
About TiLT Capital Partners
Created in 2018, TiLT Capital joined Siparex – an independent French specialist in Private Equity – in 2021 to become the Energy Transition platform of the Group. This collaboration has created a unique platform, combining the experience of a major player in Private Equity with the expertise of a team with over 50 years of experience in the energy industry, to meet the growing financing needs of the Energy Transition. More information about the company can be found at https://www.tilt-capital.com/en/
About Quanta Services, Inc.
Quanta is an industry leader in providing specialized infrastructure solutions to the utility, renewable energy, technology, communications, industrials, and pipeline industries. Quanta’s comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit https://www.quantaservices.com
Our new investors are joining Arosa Capital Management, Energy Impact Partners, Equinor, Future Energy Ventures, Kongsberg and Nysnø Climate Investments and together we will continue to support the energy transition through Grid Vision.
Schedule a demo at Enlit Europe 2024 and witness the power of Grid Vision®
eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. Our Grid Vision solution provides a data-driven and condition-based approach to infrastructure inspections and asset management.
Discover how Grid Vision is revolutionizing infrastructure inspections for top energy providers at our stand 5.L12.
If you do not already have a ticket to Enlit Europe 2024, we are pleased to offer you a free Expo Pass or discounted Summit Pass through the link below.
Repower which produces and distributes power to more than 48,000 customers in Switzerland, has partnered with eSmart Systems to digitalize and automate their grid inspection process. The program will utilize eSmart Systems’ Grid Vision® solution, which supports the full inspection and maintenance workflow with AI.
- Transitioning Repower’s grid inspections from manual to automated powered by AI.
- Grid Vision AI-supported software will be used to inspect their HV and MV grid.
- eSmart Systems will deliver inspection services for Repower AG’s overhead lines over the course of the partnership.
This partnership will enable Repower to provide safer, more accurate and efficient inspections that will provide greater visibility into their grid assets to support their asset management strategies for grid resiliency and reliability to support growing demand and transition to low carbon generation.
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.
eSmart Systems will deliver the program as an inspection as a service and will utilize drones for the image capture with automated flight patterns to ensure the data is captured consistently and accurately with improved safety. For this program the actual grid inspection will be conducted within Grid Vision powered by AI and eSmart Systems will be working with regional drone operators for the image capture.
Repower has a clear ambition to improve their grid asset inspection and asset data to support the resiliency of their grid. We are excited to be part of their journey and look forward to delivering efficiencies and digitization of powerline inspections for Repower.
About eSmart Systems
eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. With our software solution Grid Vision® we revolutionize how utility companies operate and maintain transmission and distribution networks. eSmart Systems offers a data-driven and condition-based approach to infrastructure inspections that can be managed from a single platform. We support companies worldwide by ensuring reduced costs, safer inspections, and prolonged asset life.
About Repower
Repower is an international energy utility with its operational headquarters in Poschiavo. (Graubünden, Switzerland). Repower has been operating as an electricity producer, distribution grid operator and energy trader for more than 100 years. Its key markets are Switzerland and Italy.
Repower builds, operates and maintains distribution grids, substations, transformer stations, kiosks and supply lines right up to the house connection in Prättigau/Rhine Valley, Engadine/Valposchiavo and Surselva. The total length of the grid managed by Repower is around 3,000 kilometres.
eSmart Systems, a leading provider of AI-powered services and solutions for the inspection and maintenance of critical energy infrastructure, has signed a partnership with Naya, a Norway-based company with an all-female organization in Dehradun, India, created to ensure the ethical labelling of AI.
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.
For AI to work successfully for infrastructure inspections it needs a lot of training and annotations. With the rapid growth in the AI market, organizations are using a lot of services that are unethical where employees are underpaid with extremely low wages and inadequate working conditions. Naya looks to address this by providing services conducted by women in India in a safe environment, giving them opportunities for growth, educational development and to foster brighter futures for young women.
At eSmart Systems as part of our commitment to sustainability and our core values, we are not only measured by what value we create, but by how we create it. Ensuring we deliver solutions in the most ethical and sustainable way is of upmost importance. We are delighted to be partnering with Naya and look forward to seeing the positive impact of our partnership. This initiative also supports our ambition to contribute to the goals of UN Global Compact, and aligns with the values of our owners for contributing to diversity and opportunity for everybody.
The partnership will see eSmart Systems and Naya working together on eSmart Systems’ Grid Vision® solution and will accelerate the growth of AI models and performance of those models, which will deliver value to their customers by reducing inspection costs, improving inspection safety, improving accuracy of asset data and prolonging asset life. The work will be performed in accordance with the high information security standard set up by the eSmart Systems Management System (Certified according to ISO 27001:2022).
About eSmart Systems
eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. With our software solution, Grid Vision® we revolutionize how utility companies operate and maintain their transmission and distribution grids. We support utilities globally to reduce inspection costs, make inspections safer, improve the quality of asset data and prolong asset life by providing an image-based digital inventory representing all physical grid assets. eSmart Systems has more than 20 years of international experience in establishing and operating knowledge-based, leading IT and energy-related companies targeting global markets.
About the Naya
Naya is a social impact startup that combines social sustainability and AI development by employing women from Indian slum areas. We offer high-quality annotation services to customers developing machine-learning models and NAYA employs impoverished women from slum areas (currently in Northern India) to complete the annotation tasks.
Our Indian colleagues are given dignified work, proper pay, and an opportunity to break out of generational poverty. Naya operates from its main office in Dehradun, India, comprising a team of 10 skilled professionals, with our headquarters situated in Trondheim, Norway. We specialize in serving the European and Norwegian markets. Recognized for our expertise, we were awarded 1 million NOK by Innovation Norway in April 2023. For more information visit: https://www.naya.no/
Repower produziert und verteilt Strom an mehr als 48’000 Kundinnen und Kunden in der Schweiz und hat sich mit eSmart Systems zusammengetan, um ihren Netzinspektionsprozess zu digitalisieren und zu automatisieren. Das Programm wird die Softwarelösung Grid Vision® von eSmart Systems nutzen, die den gesamten Inspektionsworkflow mit KI unterstützt und gleichzeitig digitalisiert.
- Umstellung der Netzinspektionen von Repower von manuell auf automatisiert mit KI.
- Die KI-gestützte Software von Grid Vision wird verwendet, um ihr Hoch- und Mittelspannungsnetz zu inspizieren.
- eSmart Systems wird im Rahmen der Partnerschaft Inspektionsdienstleistungen für die Freileitungen der Repower AG erbringen.
Diese Partnerschaft wird es Repower ermöglichen, sicherere, genauere und effizientere Inspektionen durchzuführen, die einen besseren Einblick in ihr Hoch- und Mittelspannungsnetz bieten, um ihre Asset-Management-Strategien für Netzstabilität und -zuverlässigkeit zu unterstützen. Damit wird Repower gewappnet sein, den wachsenden Ansprüchen an das Netz zu genügen und den Übergang zu einer kohlenstoffarmen Erzeugung zu unterstützen.
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.
eSmart Systems wird das Programm als Inspektionsdienstleistung anbieten. Hierbei werden Drohnen für die Bilderfassung mit automatisierten Flugmustern eingesetzt, um sicherzustellen, dass die Datenpräzision und -Konsistenz, sowie die Arbeitssicherheit gewährleistet und optimiert wird.
Die Inspektion der Repower Freileitung wird mittels der KI gestützten Software Grid Vision, durchgeführt. Die Inspektionsergebnisse werden innerhalb der Grid Vision aufbereitet und digitalisiert. eSmart Systems wird zusätzlich einen regionalen Drohnenbetreiber für die Bildaufnahme mittels automatisierter Flugmuster schulen.
Repower has a clear ambition to improve their grid asset inspection and asset data to support the resiliency of their grid. We are excited to be part of their journey and look forward to delivering efficiencies and digitization of powerline inspections for Repower.
Über eSmart Systems
eSmart Systems ist ein führender Anbieter von KI-gestützten Lösungen für die Inspektion und Wartung kritischer Infrastrukturen. Mit unserer Softwarelösung Grid Vision revolutionieren wir die Art und Weise, wie Versorgungsunternehmen Übertragungs- und Verteilungsnetze betreiben und warten. eSmart Systems bietet einen datengesteuerten und zustandsbasierten Ansatz für Infrastrukturinspektionen, der von einer einzigen Plattform aus verwaltet werden kann. Wir unterstützen Unternehmen weltweit, indem wir für reduzierte Kosten, sicherere Inspektionen und eine längere Lebensdauer der Anlagen sorgen.
Über Repower
Repower ist ein international tätiges Energieversorgungsunternehmen mit operativem Hauptsitz in Poschiavo. (Graubünden, Schweiz). Repower ist seit mehr als 100 Jahren als Stromerzeugerin, Verteilnetzbetreiberin und Energiehändlerin tätig. Die wichtigsten Märkte sind die Schweiz und Italien.
Repower baut, betreibt und unterhält Verteilnetze, Unterwerke, Trafostationen, Verteilkabinen und Versorgungsleitungen bis zum Hausanschluss im Prättigau/Rheintal, im Engadin und in der Surselva. Die Gesamtlänge des von Repower verwalteten Netzes beträgt rund 3’000 Kilometer.
eSmart Systems, a global leader in AI-based solutions for inspection and maintenance of critical energy infrastructure, signs a contract with Alliander, to increase safety and optimize asset utilization within their existing energy network.
The contract, with a minimum value of 10 million euro, covers an Inspection as a Service (IaaS) solution for Alliander, one of the largest energy network distributors in The Netherlands.
The AI-supported service includes a full image-based digital inventory of all Alliander’s ~60.000 substations and cable cabinets, used to secure full regulatory compliance and safety to the public for all of their assets.
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.
eSmart Systems’ AI-supported software will enable Alliander to analyse technical conditions, predict and improve their asset management processes, including maintenance of its infrastructure assets over time. The solution provides Alliander with improved quality of their asset data of their distribution network, which will further unlock value in terms of capital spending, lowering carbon footprint, improving risk management including compliance with safe-to touch regulation.
eSmart Systems’ customer portfolio includes several of the world’s largest energy companies, such as Statnett, Naturgy, Xcel Energy and E.ON. With this new contract the company expects to both double its annual revenue and ramp up its global recruitment initiatives.
Repower has a clear ambition to improve their grid asset inspection and asset data to support the resiliency of their grid. We are excited to be part of their journey and look forward to delivering efficiencies and digitization of powerline inspections for Repower.
About eSmart Systems
eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. We are headquartered in Halden, Norway and serve around 50+ utilities globally.
With our Grid Vision® portfolio, we provide Inspection Management and Asset Information Management solutions and services to utilities globally. Grid Vision provides a data-driven and condition-based approach to infrastructure inspections and support utilities to reduce inspection costs, improve inspection safety, improve the quality of asset data and prolong asset life.
About the Alliander Group
Alliander group is responsible for distributing gas and electricity to 3.2 million homes and businesses in the Netherlands. We operate 90.000km electricity grid and a 40.000km gas network across six regions including Amsterdam, Flevoland, Friesland, Gelderland, North Holland and South Holland.
We are committed to running a reliable energy supply to ensure that living, working and travelling remain viable in the future by developing sustainable grid technologies, innovative metering solutions and intelligent energy infrastructures. We take great pride in our networks being among the world’s most reliable. Our 7.000 colleagues make sure the lights are on, homes are heated, and businesses can keep operating.
- This program aims to digitalize the inspection process and improve grid resiliency.
- 5-year framework agreement with eSmart Systems, Fugro and GeoAerospace.
- Grid Vision® software will support ESB’s digitalization journey through delivering a digital representation of their physical grid through image-based digital asset.
Through a UAV Inspection Services Framework Contract, ESB will be inspecting up to 10.000 structures over 5 years ranging between 38kV to 400kV, through a virtual inspection program partnering with Fugro, GeoAerospace and eSmart Systems. This program will automate and digitalize their current inspections and will provide ESB with a conditional assessment of their towers as well as general condition analysis of their grid.
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.
The framework managed by ESB Engineering and Major Projects will include Fugro as service provider and partners GeoAerospace will be flying drones to capture images of the infrastructure. eSmart Systems will conduct the virtual inspection supported by AI within their Grid Vision software. The program will create an image-based digital asset within the Grid Vision software that will represent ESB’s physical grid. This will support ESB to gain value beyond the inspection by providing their teams with a digital representation of their physical infrastructure at their desk unlocking new efficiency gains and in turn reducing reactive maintenance.
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.
About ESB
At ESB, we are licensed to build, operate, maintain and develop the electricity network in the Republic of Ireland. We are driven to make a difference by achieving zero carbon emissions by 2040.
We are committed to leading the transition to a reliable, affordable, net zero energy future. A future that protects our customers and the economy by maintaining the security and affordability of energy.
About Fugro
Fugro is the world’s leading Geo-data specialist, collecting and analysing comprehensive information about the Earth and the structures built upon it.
Through mapping, modelling and monitoring the built and natural environments we create a safe, liveable world.
About GeoAerospace
Founded in 2016, GeoAerospace is a university spin-out geospatial technology company comprising commercial pilots, drone operators, surveyors, geospatial scientists, platform developers and software engineers. With many of our staff originating from the National Centre for Geocomputation & Department of Computer Science at Maynooth University, we strive to be at the cutting edge of geospatial and remote sensing technologies.
About eSmart Systems
eSmart Systems is a leading provider of AI-powered services and solutions for the inspection and maintenance of critical energy infrastructure.
With our Grid Vision solutions we revolutionize how power utilities operate and maintain their generation plants, transmission and distribution networks.
Our solutions provide a data-driven and condition-based approach to infrastructure inspections and asset management decisions. We support utilities globally to reduce inspection costs, improve inspection safety, improve asset data and prolonged asset life. eSmart Systems has more than 20 years of international experience in establishing and operating knowledge-based, leading IT and energy-related companies targeting global markets.
Norske eSmart Systems, en global leder innen AI-baserte løsninger for inspeksjon og vedlikehold av samfunnskritisk infrastruktur, har signert en kontrakt med Alliander. Oppdraget har som formål å øke sikkerheten og optimalisere utnyttelsen av Allianders eksisterende strømnett i Nederland.
Kontrakten, som har en minimumsverdi på 120 millioner kroner, omfatter tjenester med tilhørende programvare for inspeksjon av distribusjonsnettet til Alliander, en av de største energileverandørene i Nederland.
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.
eSmart Systems skal levere en fullstendig, bildebasert, digital anleggsoversikt over Allianders nærmere 60.000 nettstasjoner og kabelskap. Det vil gjøre det mulig for selskapet å analysere tekniske forhold, forutsi og forbedre prosesser for forvaltning av strømnettet, inkludert vedlikehold, samtidig som det kan bidra til lavere kapitalutgifter og en reduksjon av karbonavtrykket.
– Vi er utrolig stolte av å få arbeide med et teknologidrevet foregangsselskap som Alliander. Gjennom dette samarbeidet får vi vist frem hvordan våre konkurransefortrinn innen AI-drevet programvare, teknologisk innovasjon og unike tjenestetilbud kan støtte avgjørende nettvekst, samt tilføre bærekraftig verdi til våre kunder, sier Henrik Bache.
eSmart Systems, som blant annet har Nysnø Climate Investments, Equinor Ventures og Kongsberg Gruppen inne på eiersiden, har fra før en kundeportefølje som omfatter flere av verdens største energiselskaper, deriblant Statnett, Naturgy, Xcel Energy og E.ON.
Med denne kontrakten forventer selskapet tilnærmet å doble sin omsetning i 2024, samt styrke organisasjonen på tvers av landegrenser.
Repower has a clear ambition to improve their grid asset inspection and asset data to support the resiliency of their grid. We are excited to be part of their journey and look forward to delivering efficiencies and digitization of powerline inspections for Repower.
Om eSmart Systems
eSmart Systems er en ledende leverandør av AI-drevne løsninger for inspeksjon og vedlikehold av kritisk infrastruktur. Selskapet har hovedkontor i Halden i Norge og har mer enn 50 kunder globalt.
Med programvareløsningen Grid Vision® revolusjonerer selskapet hvordan strømleverandører driver og vedlikeholder sine nett. Grid Vision®er en digital plattform for virtuell inspeksjon av strømnettet på en langt mer effektiv måte enn historisk metodikk. Plattformen sikrer også datakvalitet og lagring av tilstandsvurderinger. eSmart Systems hjelper bedrifter over hele verden med å forbedre datakvalitet, redusere kostnader, forbedre sikkerhet gjennom sikrere inspeksjoner og bidra til lengre levetid for samfunnskritisk infrastruktur.
Om Alliander Group
Alliander-gruppen er ansvarlig for distribusjon av gass og elektrisitet til 3.2 millioner hjem og bedrifter i Nederland. Vi driver 90.000 km elektrisitetsnett og et 40.000 km gassnettverk i seks regioner, inkludert Amsterdam, Flevoland, Friesland, Gelderland, Nord-Holland og Sør-Holland. Vår forpliktelse er pålitelig energiforsyning for å sikre at det å bo, jobbe og reise forblir bærekraftig i fremtiden. Det gjør vi ved å utvikle bærekraftige teknologier, innovative måleløsninger og intelligent energiinfrastruktur. Vi er stolte av at nettverkene våre er blant verdens mest pålitelige. Våre 7.000 kolleger sørger for at lysene er på, hjemmene er oppvarmet, og at bedrifter kan fortsette sin virksomhet.
Schedule a demo at Enlit Europe 2024 and witness the power of Grid Vision®
eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. Our Grid Vision solution provides a data-driven and condition-based approach to infrastructure inspections and asset management.
Discover how Grid Vision is revolutionizing infrastructure inspections for top energy providers at our stand 5.L12.
If you do not already have a ticket to Enlit Europe 2024, we are pleased to offer you a free Expo Pass or discounted Summit Pass through the link below.
At eSmart Systems, AI is in our DNA. We have been working on AI for infrastructure inspections for over 10 years. Drawing from our successful experience working with 50+ utilities globally, here are 6 things you should consider before starting your AI journey for infrastructure inspections.
- AI requires validation. You cannot escape this, when dealing with critical assets. The AI suggestions must be validated and this is how the AI learns.
- Training data is crucial. You need a lot of training data for AI to work successfully. Working with a vendor who has a lot of training data will give you a better starting position on your journey.
- Use a scaled approach. Apply AI to your most commonly occurring defects first.
- Focus on business value. AI can be a powerful tool to achieve a business-driven goal. Don’t get side-tracked by AI – focus on your business goal.
- AI supports Virtual Inspections and should be incorporated into the process and should not be considered in isolation. We have seen innovation projects just focused on measuring AI performance, but this does not tell you the full picture in terms of benefits gained.
- Beware of unrealistic promises. If you are being promised full automation from day 1, alarm bells should be ringing. AI is a journey and must be trained on your infrastructure. The key is working with a provider who is a subject matter expert.
If you would like a discussion with our experts on AI or how it can be applied to your inspections, contact us today!
For more insights, listen to our podcast on AI misconceptions.