eSmart Systems secured $18M in a round including Equinor Energy Ventures, Nysnø Climate Investments and Kongsberg Digital.

Norway Investments 15 January 2019
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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 round was led by Equinor Energy Ventures, joined by Nysnø Climate Investments (Norwegian sovereign wealth fund) and existing eSmart shareholders, including Kongsberg Digital.

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.