Australia-based Neara provides a digital twin platform to maintain and monitor assets in the energy and utility industry. Applying AI and ML on the data captured, the software creates digital models to perform complex engineering analysis on infrastructure networks and assets to optimize the use of renewable energy and reduce the impact of weather disruptions.
Apart from the digital twin solution, the company offers the spatial modules (automate workflows), design modules (for design process), and analyze modules (for asset performance).
As of May 2022, the company had modeled over 390,000 of network miles and a total of 2.4 million assets.
Key customers and partnerships
The company has several customers in the energy and utility industry, including PowerCo Australia, Essential Energy, Western Power, United Energy, and Southern California Edison.
In July 2022, Australian electricity distributor Endeavour Energy used Neara’s platform to model the impact of floods on its network, staff, and customers.
Funding and financials
The company raised an additional USD 10 million in a capital raise extension, bringing its total Series B funding to USD 24 million in September 2023. The funding round was led by Prosus Ventures. The funds were allocated towards global expansion, and further develop its System of Enablement functionality.
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