AI startup Neara raises $47.2 million from Square Peg and PE
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The news: Neara, an AI-powered predictive modelling software platform for critical infrastructure, has secured a Series C funding round of USD31 million ($47.2 million) led by global investment organisation EQT to accelerate its global operations and expand into new infrastructure sectors.
The context: The funding round also had participation from Partners Group and Square Peg Capital. The latest funding follows a previous round in September 2023.
Neara's platform enables utilities to adopt proactive approaches to network optimisation through 3D digital modelling technology. It has modelled over 1.5 million square miles of electricity infrastructure and 12 million infrastructure assets globally.
Neara plans to expand its modelling capabilities into telecommunications and public transportation sectors, and is already supporting US broadband infrastructure projects.
The company operates across four continents, partnering with major utilities including CenterPoint Energy and Southern California Edison.
What they said: "Neara helps strengthen critical infrastructure to keep global communities safe, connected, and economically viable despite intensifying severe weather, age, and overuse," Neara chief commercial officer Jack Curtis said.
EQT Private Equity advisory team and co-head of EQT Private Capital Australia and New Zealand Frank Heckes said: "This investment marks EQT's first venture growth investment in an Australia-headquartered company, highlighting our ambition to support world-class platforms from early growth partnerships through to large-cap buyouts".
James Tynan, partner at Square Peg, added: "For most of us, infrastructure is invisible until there is a problem, but then it can be a matter of life and death. With infrastructure under pressure like never before, Neara's unique ability to help intelligently and cost-effectively manage these critical assets could not be more important."
Tynan also noted on LinkedIn that he’d never seen firms this large like EQT and Partners Group "go this early and collaborate to make a raise like this work".
The sources: Neara Press Release, LinkedIn
