Shoreline closes a venture investment round to grow its data analytics and simulation software solutions.

Shoreline, a Stavanger, Norway-based company providing SAAS with data analytics and simulations for the energy industry, announced closing an investment round of an undisclosed amount.

The backers include local investment companies Investinor and Alliance Venture, as well as US-based Blue Bear Capital.

Shoreline, founded in 2015 and led by CEO Ole-Erik Vestøl Endrerud, has developed solutions based on internally developed simulation and optimization algorithms that streamline how operators, project developers, equipment manufacturers and service providers work to develop and construct new projects and manage existing assets.

The company has achieved a strong position in the offshore wind market, providing software-as-a-service (“SaaS”) to many of the largest offshore wind developers, operators, and supply chain partners.

Shoreline will use this new investment capital to further develop its simulation software and machine learning capabilities, and also expand into additional energy markets such as onshore wind and hydro, where Shoreline has demonstrated initial traction. Prior to this deal, Shoreline raised outside capital from Innovasjon Norge and Validé.