eSmart Systems secured $18M in a round including Equinor Energy Ventures, Nysnø Climate Investments and Kongsberg Digital.
eSmart Systems, a Halden, Norway-headquartered company providing AI driven software solutions to the energy industry and service providers, announced closing a capital raise of $18M.
The funding provides substantial strength to accelerate development of eSmart’s AI-technologies and their application to the energy industry.
eSmart Systems, founded in 2014 and led by CEO Knut H. H. Johansen, is a pioneer in developing AI-products based on machine learning technology that automatically identifies and extracts relevant information from image and IoT-device sources. The company has worked intensively to develop applied AI for the energy industry based on its industrial-grade, scalable cloud AI-architecture. This includes power grid infrastructure inspections with automatic detection of grid anomalies and peak load predictions based on smart meter data.
Prior to this round, eSmart received NOK 100 million ($11.6M) from Kongsberg Digital in 2016.