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 power distribution infrastructure today announced the close of its tower Series B financing, $ 12.5 million to accelerate the growth of the company. The tour is led by UP Partners, a Los Angeles– electrification and mobility funds. Other new investors include National Network Partners, the venture capital and innovation arm of one of the world’s largest investor-owned energy companies; and Capital ZOMA, a Colorado-Family office specializing in network modernization technologies. These new investors join LineVision’s existing backers, in particular Clean energy companies, which once again invests in LineVision through this Series B funding round.
“We are delighted to welcome this elite group of investors and partners into the next phase of LineVision’s growth,” said Hudson gilmer, CEO of LineVision. “With this investment, we will continue to build the team and platform that help our utility customers around the world increase the capacity, flexibility and resiliency of their networks.”
“LineVision harnesses advanced sensors and analytics to solve one of the most critical barriers to the energy transition,” said Adam grosser, President of UP Partners. “It is simply impossible to meet urgent electrification and decarbonization goals without the widespread deployment of technologies such as LineVision to free up more capacity and flexibility from the existing grid. “
“National Grid has a long history of deploying technologies that allow us to optimize the performance and reliability of our network,” said Rudy wynter, President of National Grid, new York. “Technologies such as LineVision’s V3 systems help us better understand the state of our assets while enabling us to meet the goals of our Net Zero plan by 2050. We believe that investing in technology he network improvement like LineVision is strategically important to our network modernization efforts. and integrate more renewable energies.
National Grid currently uses the Platform V3 to assess driver asset health, gain better situational awareness and increase transmission line capacity with Dynamic Line Ratings. The public service deployed LineVision’s solutions for the first time in 2018 on transmission lines in Massachusetts, and in 2020 installed LineVision’s asset health monitors on the lines of new York.
Unique LineVision V3 Sensors collect real-time data on critical parameters overhead power lines, including line temperature, sag, horizontal movement and anomalies. Studies have shown that congestion on transmission lines costs US consumers more than 8 billion dollars annually. A recent study by The Brattle Group has shown that Dynamic Line Ratings enabled by LineVision will help double the integration of renewables into the existing grid.
In just over two years since its inception, LineVision has reached deals with National Grid, Dominion Energy, Xcel Energy, Tennessee Valley Authority and several other North American utilities that have yet to be announced. The company also works with several European public services through the Farcross Project, which aims to improve cross-border interconnections using Dynamic Line Ratings.
LineVision provides state-of-the-art non-invasive solutions that monitor the condition and behavior of high voltage transmission lines and can dramatically improve line throughput, helping to ensure optimal, safe and reliable operation. For more information visit www.linevisioninc.com, or follow us on Twitter Where LinkedIn.
UP.Partners is an early stage venture capital firm investing in the future of multidimensional mobility. The UP.Community of entrepreneurs, executives, technical experts, co-investors and policy makers supports 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 are helping humanity rise up, visit us at www.up.partenaires.
About National Grid Partners
National Grid Partners (NGP) is the investment and innovation arm of National Grid plc., One of the world’s largest investor-owned energy companies. NGP invests for strategic and financial impact and leads enterprise-wide disruptive innovation efforts. The organization offers a multifunctional approach to creating startups, including innovation (creation of new businesses), 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 catalyze and scale up bold and innovative solutions to the social and environmental problems facing their regions of origin Colorado and Chile. With a global investment portfolio spanning multiple asset classes, ZOMA Capital invests in a broad range of sustainable market-based solutions advancing energy, water, workforce and community economic development for help support resilient and prosperous communities.
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SOURCE LineVision, Inc.