Sydney-based Neara, an infrastructure modeling platform that utilises artificial intelligence (AI) to create 3D models for engineering simulations, has raised an additional $10M (approximately €9.45M) in funding.
This extension, supported by investors like Prosus Ventures, Skip Capital, and Square Peg Capital, brings Neara’s total Series B funding to $24M.
Neara also introduced a new case study demonstrating how their technology can double the existing line capacity for renewable energy.
Brief about Neara
Neara provides a 3D simulation and analytics platform for electricity network infrastructure globally. Its AI technology allows in-depth analysis of network behaviour in real-world scenarios, assisting grid operators in making accurate decisions.
The company’s predictive capabilities mitigate risks, combat climate change effects, and speed up renewable energy integration using existing infrastructure.
Trusted by global utilities, Neara’s platform rapidly identifies and reduces risks, informs critical decisions, evaluates asset performance, as well as drives seven-figure plus grid hardening investments without manual field surveys.
Capital utilisation
Neara plans to utilise the new funds to fuel its global expansion and further develop its System of Enablement functionality. This technology eliminates constraints hindering renewable energy connection to the grid, especially related to network availability and accessibility.
The company’s AI platform currently serves utility operators across 1 million+ square miles and 8 million+ assets. It assists in designing efficient networks, improving wildfire and vegetation management, and expediting the integration of renewable projects into existing infrastructures.
Neara’s Chief Commercial Officer, Jack Curtis says, “Neara’s AI simulation and analytics platform sits at the center of the energy transition to ensure utilities are empowered to make holistic, system-wide decisions.”
“Our System of Enablement delivers one unified model to resolve critical macro issues, from designing stronger grids to mitigating damage caused by catastrophic weather events, as well as bringing renewable energy online faster using existing network infrastructure.”
“Prosus Ventures’ investment accelerates Neara’s System of Enablement development to provide a central decision-making platform for critical stakeholders in the energy transition ecosystem,” adds Curtis.
Expansion in the US and Europe
Neara is also expanding its focus in the United States and Europe. They offer advanced 3D network modeling technology utilising AI/ML to create hyper-realistic digital simulations.
These simulations allow utilities to test their assets’ real-world responses under various conditions, enhancing grid resilience and severe weather response while reducing the need for manual surveys.
Neara’s System of Enablement functionality provides insights for optimising existing electricity network infrastructure and overcoming constraints related to renewable energy integration.
Strategic partnerships
In collaboration with EMPACT Engineering, Neara, with its advanced AI-driven modeling platform, conducted successful studies in Central Texas and New South Wales. In Texas, their technology showed that 94.5 per cent of lines could safely handle double the current capacity, enabling more clean energy integration.
Neara says its modeling platform is more accurate and cost-effective for discovering latent capacity than other legacy line-rating techniques.
In Australia, the company partnered with Essential Energy to double network availability through software analytics, enhancing renewable asset connectivity.
Neara focuses on overcoming major network constraints in the energy transition by developing AI-driven solutions. Its platform enables utilities to optimise route planning, engage communities, and expedite development and construction, speeding up the integration of essential renewable infrastructure.
