Today Swedish grid inspection company Skyqraft announced the closure of an oversubscribed investment round, securing $3.8 million.
Skyqraft provides faster, more accurate, and more sustainable energy infrastructure inspections in response to the challenges posed by increasing energy consumption and securing the reliability and longevity of grids.
Today, 90 percent of grid defects go undetected, with an estimated cost of grid maintenance reaching $2 trillion to support current reliability by 2030.
Skyqraft's end-to-end cloud-based AI platform provides visibility and actionable insights into grid owners' physical assets.
The platform operates as the layer between data collectors, operations, and field teams, combining sensor data, including images, 3D point clouds, and thermal imaging, all in one place to detect 10x more defects in grids than traditional methods.
This means grid owners can proactively manage risk exposure and optimise grid uptime and maintenance budgets.
The electric grid is the backbone of our society and a key piece in the energy transition, yet it's deteriorating rapidly. At the same time, energy demand is set to double by 2045.
Global energy demand is to rise 23 percent by 2045, according to the Organization of the Petroleum Exporting Countries (OPEC).
Louise Gauffin, CEO of Skyqraft, attributes these stats and the need for modernisation as drivers of the company's oversubscribed round.
"The need is clear, and we're here to support grid owners through this energy transition and into an electrified future."
With 15 percent of the home market already secured and a surge in demand amid the ongoing energy transition, the company is committed to expanding internationally, with multi-year contracts throughout Europe and North America.
The company has multi-year agreements with various utility companies, including E.ON, one of the leading energy providers in Europe.
Additionally, Skyqraft recently opened an office in San Francisco, marking its entry into the North American market. Its currently collaborating with major power grid owners on ongoing proof of concepts.
This new injection of funding will drive the advancement of Skyqraft's AI product, catering to European and North American clients with an emphasis on enhancing speed and quality within its cutting-edge AI platform to accommodate larger clientele.
Simultaneously, a dedicated US team is being established to facilitate expansion in a new market.
Lead image: Andrey Metelev