Australian startup Neara, which models power grids using digital twin technology, has raised $63 million in a Series D round, SiliconANGLE reported on Monday.
The investment was led by TCV, with participation from existing investors Partners Group, EQT, Square Peg Capital and Skip Capital. Neara combines IoT sensors and AI to recreate real power grids in 3D, helping power companies optimise equipment and improve their ability to respond to incidents.
Neara’s technology is used to identify unused grid capacity, optimise responses to incidents such as storms and fires, and support equipment expansion plans. It also reduces the manpower required for infrastructure inspections and improves safety.
Neara co-founder and chief commercial officer Jack Curtis (잭 커티스) said it raised funds faster than expected as power demand from AI data centres surged. Neara plans to use the funding to hire additional AI engineers and expand overseas operations.
Chi-gyu Hwang
delight@d-today.co.kr