Virescent Ventures partners with IND Technology to develop bushfire prevention
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The news: Climate tech venture firm Virescent Ventures has backed Melbourne-based network diagnostic technology business IND Technology as part of its $50 million funding round to support the expansion of its early fault detection and bushfire system.
The context: IND Technology detects the precursors to electric failures in energy grids to prevent power outages and bushfires.
This partnership deal marks IND's first institutional funding, co-led by energy specialists Angeleno Group and Energy Impact Partners, alongside backing from Edison International.
It said the funding will accelerate the deployment of its early fault detection system as well as expanding its machine-learning engineering team.
What they said: "Grid reliability are among the most critical challenges and opportunities for the energy transition," Virescent Ventures managing partner Kristin Vaughan said.
"Ageing infrastructure, hotter and drier summers and rising bushfire risk all mean utilities need smarter tools to detect faults before they become catastrophic fire events".
The source: Virescent Ventures media release
