SOMERVILLE, Mass., April 7, 2021 /PRNewswire/ -- LineVision, Inc., a leading provider of non-contact overhead power line sensor solutions to monitor, optimize, and protect critical energy delivery infrastructure today announced the closing of its Series B financing round, raising $12.5 million to accelerate the company's growth. The round is led by UP Partners, a Los Angeles-based electrification and mobility fund. Other new investors include National Grid Partners, the venture investment and innovation arm of one of the world's largest investor-owned energy companies; and ZOMA Capital, a Colorado-based family office specializing in grid modernization technologies. These new investors join existing LineVision backers including Clean Energy Ventures, which is again investing in LineVision through this Series B financing round.
"We are thrilled to welcome this elite group of investors and partners on LineVision's next phase of growth," said Hudson Gilmer, LineVision's Chief Executive Officer. "With this investment, we will continue to build the team and platform which are helping our utility clients around the world increase the capacity, flexibility, and resilience of their grids."
"LineVision is harnessing advanced sensors and analytics to solve one of the most critical obstacles to the energy transition," said Adam Grosser, Chairperson of UP Partners. "There is simply no way we will achieve the urgent goals of electrification and decarbonization without widespread deployment of technologies like LineVision to unlock more capacity and flexibility from the existing grid."
"National Grid has long been dedicated to deploying technologies that enable us to optimize the performance and reliability of our network," said Rudy Wynter, President of National Grid, New York. "Technologies like LineVision's V3 systems help us better understand the condition of our assets while enabling us to meet the goals of our Net Zero by 2050 plan. We see investment in grid-enhancing technologies like LineVision as strategically important to our efforts to modernize the grid and integrate more renewables."
National Grid is currently utilizing LineVision's V3 platform to assess conductor asset health, obtain greater situational awareness, and increase transmission line capacity with Dynamic Line Ratings. The utility first deployed LineVision's solutions in 2018 on transmission lines in Massachusetts, and in 2020 installed LineVision's asset health monitors on lines in New York.
LineVision's unique V3 sensors collect real-time data on critical parameters of overhead power lines including line temperature, sag, horizontal motion, and anomalies. Studies have shown congestion on transmission lines costs US consumers more than $8 billion annually. A recent study by The Brattle Group showed that Dynamic Line Ratings enabled by LineVision will help double integration of renewables on the existing grid.
In just over two years since its founding, LineVision has secured deals with National Grid, Dominion Energy, Xcel Energy, Tennessee Valley Authority, and several other North American utilities yet to be announced. The company also works with multiple European utilities through the Farcross Project, which aims to improve cross-border interconnections by utilizing Dynamic Line Ratings.
LineVision provides industry leading, non-invasive solutions that monitor the condition and behavior of high-voltage transmission lines, and can significantly improve line throughput, helping ensure optimal, safe, and reliable operation. For more information, visit www.linevisioninc.com, or follow us on Twitter or LinkedIn.
UP.Partners is an early stage venture firm investing in the future of multi-dimensional mobility. The UP.Community of entrepreneurs, executives, technical experts, co-investors, and policymakers support the portfolio of companies that are forging a better, more connected future for the world. UP.Partners is headquartered in Santa Monica, California, with offices in Silicon Valley and Boston. For more information on how we're helping humanity go UP, visit us at www.up.partners.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads company-wide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and culture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us on Twitter (@ngpartners_).
About Zoma Capital
ZOMA Capital was founded by Ben and Lucy Ana Walton to catalyze and scale bold and innovative solutions to social and environmental issues facing their home regions of Colorado and Chile. With a global investment portfolio spanning multiple asset classes, ZOMA Capital invests in a broad range of market-based sustainable solutions advancing energy, water, workforce and community economic development to help support resilient, thriving communities.
Mahoney Communications Group
SOURCE LineVision, Inc.