LineVision, a U.S.-based provider of overhead line monitoring for electric utilities, announced closing its $33 million Series C financing round.
The proceeds from the financing would be utilized to accelerate the global growth of its Grid Enhancing Technology (GETs) platform to increase its transmission grids’ capacity, flexibility, and safety and accelerate the transition toward net zero.
The round was led by Climate Innovation Capital, a fund that invests in climate technologies and businesses, and was co-led by S2G Ventures, a multi-stage clean energy fund. New investors Microsoft Climate Innovation Fund, Marubeni, and existing investors UP Partners, National Grid Partners, Clean Energy Ventures, and Zoma Capital, also participated in the round.
“As utilities continue to work to meet climate goals, demand for our technology has increased exponentially. This investment round will directly support our expansion to meet that demand,” said Hudson Gilmer, LineVision’s CEO.
The investment round is expected to strengthen LineVision’s capacity to help utilities transition their grids into a dynamic and efficient energy system worldwide.
“Decarbonization of the economy can only happen if the grid’s capacity is expanded,” said Kevin Kimsa, Co-Founder and Managing Partner of Climate Innovation Capital. “We see tremendous opportunity for LineVision’s technology-driven infrastructure platform to unlock this critically-needed capacity and deliver value.”
LineVision provides electric utilities and the real-time monitoring and analysis needed to accelerate the net zero grid. In just over four years since its founding, the platform has been deployed at scale without needing scheduled outages, live line work, or specialized installation equipment.
The company has deployed projects with National Grid, Dominion Energy, Duquesne Light Company, Xcel Energy, Tennessee Valley Authority, NYPA, SMUD, multiple Exelon companies, and several other North American utilities. The company works with utilities across eight European countries, Marubeni, and other EPCOs in Japan and Oceania.
Just last year in April, LineVision announced the closing of its Series B financing round, raising $12.5 million to accelerate the company’s growth.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding in Smart Grid companies in 1H 2022 was 58% higher, with $731 million compared to the $463 million raised in 1H 2021.