eSmart Systems raised €40 million series B led by Arosa Capital.

eSmart Systems, a Halden, Norway-headquartered company developer of AI-driven analytics software solutions for infrastructure inspection and asset health monitoring, raised €40 million in a series B equity funding round.

The money was raised from investors led by Arosa Capital, joined by Equinor Energy Ventures, Kongsberg Group, Nysnø Climate Investments, Energy Impact Partners (EIP), and Future Energy Ventures.

The proceeds of the investments will be used to accelerate the company’s commercial development and international growth.

eSmart Systems was founded as a spin off of the IFE Institute for Energy Technology in 2012 by the team behind the Nordic Power Exchange to electrical energy market operator Nord Pool AS and is led by CEO Henrik Bache. The company built software solutions for inspections of powerlines, grid maintenance planning and energy flexibility optimization - the product, 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.

Prior to this round, eSmart Systems raised roughly $46 million - $34.4 million in two investment rounds, one in June 2019 and the other at the end of 2018, following an initial one worth $11.6 million and closed in 2017.