Funding wave continues for Norwegian eSmart Systems with €30M round amid strong market demand

Oslo-based eSmart Systems has raised €30 million in funding to expand its AI-powered solutions for inspecting and managing critical energy infrastructure. Led by TiLT Capital Partners, with participation from strategic investor Quanta Services and support from existing investors like Arosa Capital, Energy Impact Partners, Equinor Ventures, Nysnø Climate Investments, Future Energy Ventures and Kongsberg Group, the investment comes amid growing demand for resilient energy infrastructure solutions. eSmart’s Grid Vision® platform uses AI to streamline inspection and asset management for utility companies, helping them tackle challenges related to aging grids and extreme weather. The funding will support the company’s growth, particularly in North America, where Quanta’s involvement will enhance efforts to provide data-driven maintenance and virtual inspection services.

eSmart Systems provides AI-driven tools for inspecting and managing critical energy infrastructure. Through its Grid Vision® platform, the company offers utilities a data-centric approach to monitor the condition of assets like power lines and transformers. By analyzing visual and sensor data, Grid Vision® helps identify potential maintenance needs, aiming to improve safety, reduce inspection costs, and extend asset lifespan. This technology is intended to support utility companies as they face challenges related to aging infrastructure, rising energy demands, and climate-related risks.

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,” says Henrik Bache, CEO of eSmart Systems.

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,” states Nicolas Piau, Co-Founder & CEO at TiLT Capital Partners.

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,” says Andrew Schwaitzberg, Senior Vice President at Quanta Services.

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