eSmart Systems completes its funding to $34M, adds two strategic investors.

Norway Investments 26 June 2019
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eSmart Systems, a Halden, Norway-headquartered company developer of AI-driven analytics software solutions for infrastructure inspection and asset health monitoring, announced adding more capital investment in the company.

The funding was provided by the US utility-backed investment fund Energy Impact Partners (EIP) and by the investment arm of the RWE Group, innogy Venture Capital. Their money contribution rounds up to $34.4M the funding round eSmart Systems announced at the end of 2018.

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 Knut H. H. Johansen. The company built software solutions for inspections of powerlines, grid maintenance planning and energy flexibility optimization which are used by 48 customers in 7 countries, including Norway, Denmark, the United Kingdom, and the U.S. The company is also a Microsoft Partner and its CTO, Erik Aasberg, has been appointed as a Microsoft Regional Director.

Prior to this, eSmart Systems announced two investment rounds - $18M led by Equinor Energy Ventures, joined by Nysnø Climate Investments and Kongsberg Digital and $11.6M from Kongsberg Digital.