Australian startup Neara, known for its advanced digital twin technology for power grids, has successfully secured $63 million in funding to assist energy firms in addressing the rising demands from artificial intelligence data centers. The Series D funding round, led by Technology Crossover Ventures LLC with participation from existing investors like Partners Group, EQT, Square Peg Capital, and Skip Capital, brings Neara’s total funding to around A$180 million and elevates its valuation to A$1.1 billion, marking its status as Australia’s newest unicorn.
The funds will enable Neara, officially identified as LineSoft Pty Ltd., to accelerate the deployment of its cutting-edge digital twin modeling technology. This innovative solution integrates Internet of Things (IoT) sensors with artificial intelligence to produce 3D representations of real-world power grid structures. Utility companies leverage this software to understand their grid operations, addressing various scenarios to enhance performance and operational efficiency.
Key benefits of Neara’s technology include:
– Simulating real-world conditions to pinpoint underutilized capacity.
– Facilitating responses to incidents like storms and outages.
– Planning for energy grid expansions.
– Reducing costs associated with manual inspections and enhancing safety.
Jack Curtis, co-founder and Chief Commercial Officer, indicated that the decision to expedite fundraising was influenced by the immense pressure AI data centers place on electricity providers. Major tech companies such as Google, Microsoft, and OpenAI are rapidly establishing new facilities, creating an urgent necessity for increased power supply. Neara’s 3D models enable utilities to respond effectively to this demand without always requiring capacity expansion.
Curtis stated, “Power grids worldwide are nearing their limits due to the combined pressures of AI and electrification.” As systems designed for earlier eras now face unprecedented challenges, there’s a critical need for smarter, faster methods to assess the true capabilities of infrastructure.
Founded in 2016, Neara has already aided clients like Essential Energy and Southern California Edison in modeling over 15 million assets globally. With the new investment, the company plans to expand its team of AI engineers and broaden its international operations.
