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eSmart System has raised $186.7M across 6 funding rounds.
Key people at eSmart System.
eSmart System has raised $186.7M in total across 6 funding rounds.
eSmart Systems develops AI-driven software solutions, including the Grid Vision platform, to help global energy utilities inspect and maintain critical power infrastructure using IoT, big data, and real-time analytics. Operating across countries like Norway, the US, and Germany, the company provides cloud-based enterprise asset management services that enable virtual inspections and address challenges such as extreme weather. The organization serves major energy providers like Naturgy, Xcel Energy, and E.ON, recently expanding its capabilities by acquiring Verico. Backed by venture capital investors including Arosa Capital, the company raised EUR 40 million to accelerate growth, generating a combined revenue of NOK 91 million in 2021 with a workforce of 110 employees. Originating from student research around 2011, the company was founded by Knut H H Johansen, Laurent Fabre, and Fabrizio Lo Conte, and is currently led by CEO Henrik Bache.
eSmart Systems is a Norwegian technology company specializing in AI-powered software for the digitalization and intelligent asset management of critical energy infrastructure, primarily serving power utilities worldwide.[1][2][4] Its flagship product, Grid Vision®, processes inspection data, imagery, and GPS to provide full grid visibility, enabling condition-based maintenance that reduces costs, improves safety, extends asset life, and supports risk mitigation from load growth, extreme weather, and renewable integration.[1][3][4] With nearly 50 customers across 7 countries—including major utilities in the US and Europe—the company has raised $77.5M in funding, employs around 100 people, and reports $21M in revenue, demonstrating strong growth in the energy sector.[4][5]
Founded in 2012 (with some sources noting 2014) in Halden, Norway, eSmart Systems emerged from founders and key resources with over 20 years of experience in IT, energy markets, and establishing companies across Norway, Europe, and the US.[2][3][4] The idea stemmed from the growing challenges in power grid maintenance—severe weather, aging infrastructure, regulatory changes, and the shift to renewables—driving the need for AI to analyze real-time data, predict component failures, and optimize operations.[1][4] Early traction came quickly, with the company securing close to 50 customers globally and Grid Vision becoming the most-used AI tool for power grid inspections, bolstered by contracts like a multi-million euro deal with Alliander in 2024.[4][5]
eSmart Systems rides the energy transition wave, where renewables integration, electrification, and climate resilience demand smarter grids amid aging infrastructure and extreme weather.[1][4][6] Its timing aligns with global pushes for digital utilities—handling load growth and real-time risk via AI positions it ahead of market forces like regulatory mandates for reliability and net-zero goals.[4] By enabling predictive insights and data-driven decisions, it influences the ecosystem, helping utilities reduce outages, optimize capex, and support sustainable energy, much like peers DroneDeploy or Optelos but focused on power T&D.[3][6]
eSmart Systems is poised for expansion as grids worldwide digitize, with trends like AI advancements, drone/IoT proliferation, and stricter resilience standards fueling demand—expect more multi-year contracts and geographic scaling beyond its 7-country footprint.[5][6] Its $77.5M funding and revenue momentum suggest potential for acquisitions or IPO, evolving from niche AI inspector to full grid intelligence leader, ultimately powering reliable energy transitions for utilities globally.[5] This cements its role as a key enabler in the digital energy shift outlined from the start.
eSmart System has raised $186.7M in total across 6 funding rounds.
eSmart System's investors include Energy Impact Partners.
Key people at eSmart System.
eSmart System has raised $186.7M across 6 funding rounds. Most recently, it raised $34.9M eSmart Systems - Other Equity in November 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 6, 2024 | $34.9M Venture Round | — | — | Announced |
| Oct 1, 2024 | $32M Series U | — | Energy Impact Partners | Announced |
| Sep 6, 2022 | $39.8M Series B | — | — | Announced |
| Jun 26, 2019 | $34.4M Venture Round | — | — | Announced |
| Jun 1, 2019 | $34M Series U | — | Energy Impact Partners | Announced |
| Jan 2, 2017 | $11.6M Venture Round | — | — | Announced |
