Exeri in a SEK 50 million funding round backed by Industrifonden, Brightly Ventures and Treac.

Exeri, a Luleå, Sweden-based company developing systems for monitoring the electricity grid, completed a SEK 50 million ($6M) capital funding round.

The money was raised from a range of new investors from Sweden including Industrifonden, Brightly Ventures and Treac. In addition to the new shareholders, PartnerInvest Norr is also expanding its ownership in the company.

Exeri AB, led by CEO Magnus Karlsson, was founded in 2009 by three former Ericsson employees with extensive experience of sensor networks, network monitoring, command and control systems, security and communication systems.

The company is investing aggressively in making its Smart Grid Surveillance (SGS) system an obvious part of the solution for managing the growing energy needs in the transformation to a fossil-free society.

The system, which through digitization monitors the electricity grid and gives the grid owners a constantly updated status for their grid, makes it possible to locate any problems in real time and also provides increased security along the lines.

Exeri's IoT technology, AI-based algorithms and a map-based mode image, provides the opportunity for increased use of the electricity grids and significantly reduces the time for power outages. SGS is currently used by most Swedish power companies such as Skellefteå Kraft, E.On, Öresundskraft and others.

Exeri previously raised $1M in investment from Skellefteå Kraft.