eSmart Systems, an inspection and asset information management solutions provider for utilities, raised €30 million (~$32 million) in new capital funding, bringing its total to €63 million (~$65 million) raised in the past two years.
The funding round was led by TiLT Capital Partners, a French growth capital impact fund, along with Quanta Services, a U.S.-based energy infrastructure solutions company, which joined as a strategic investor. Existing investors, including Arosa Capital, Energy Impact Partners, Equinor Ventures, Nysnø Climate Investments, Future Energy Ventures, and Kongsberg Group, also participated in the round.
The funding will help eSmart Systems explore market opportunities and develop and expand its AI-based solutions for critical energy infrastructure. In addition to this funding, the company has signed several strategic contracts with its major customers, including Alliander and E.ON.
“Power networks’ resilience and reliability are at the heart of the energy transition. eSmart Systems has developed a world-class technology product that will support grids’ ability to adapt to a new reality of the power industry. We are excited to support the company in its growth journey and to penetrate the untapped potential in its existing customer base, which includes 50 of the largest grid companies worldwide,” said Nicolas Piau, Co-Founder & CEO at TiLT Capital Partners.
In 2022, eSmart Systems raised nearly €40 million (~$41 million) in a Series B funding round.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
