Heimdall Power announced raising NOK 155 million from Saga Pure, KLP and existing investors.

Heimdall Power, a Steinkjer, Norway-based energy analytics and monitoring company, announced that it secured a funding round of NOK 155M ($18M) for increasing its capital.

The  money was raised from a range of investors including Saga Pure and KLP. Saga Pure will invest NOK 75 million (for a 16.5% stake) and KLP will contribute with NOK 30 million. Investinor contributes NOK 30 million, Sarsia Seed, BKK Spring, Lyse Vekst and Hafslund Ny Energy together contribute with total of NOK 20 million, equally distributed.

Saga Pure will also hold a position on the Board of Directors.

Proceeds will be used for growth and technology development.

Heimdall Power, founded in 2015 as Policon AS and led by CEO Brage W. Johansen, makes the power grid smarter by installing neurons (bullets) - intelligent sensors on high-voltage lines, and providing insight for improved operations, better utilisation and reduced need for investments.