Neara, a Sydney, Australia-based provider of cloud-based digital twin solutions for global utilities, today announced it secured $14 million in Series B funding, bringing its investment total to $19 million to date.
The round was led by Skip Capital and joined by Square Peg Capital (who led Neara’s Series A raise) and OIF.
The Australian-based SaaS platform will use this latest funding to expand its global footprint (with a particular focus on further growing its U.S. presence) and broaden its platform functionality, including into new industries.
Company: LineSoft Pty Ltd.
Raised: $14.0M
Round: Series B
Funding Month: May 2022
Lead Investors: Skip Capital
Additional Investors: Square Peg Capital and OIF
Company Website: https://www.neara.com/
Software Category: Digital Twin Solutions
About the Company: Founded in 2016 by ex-Google software engineer Daniel Danilatos, Neara uses artificial intelligence and machine learning to create a dynamic ‘digital twin’ – a virtual model of an infrastructure network. Neara’s software can be used to design or redesign parts of the network, analyze potential risks, and manage physical assets with a sophisticated physics and engineering engine. Neara is a physics-based platform that builds 3D interactive models of critical infrastructure networks and assets, providing the ability to run real-world scenarios, assess current and future risk, and prioritize maintenance and disaster response. Neara is focused on connecting industry knowledge and data with our digital twin technology to solve the complex problems facing infrastructure companies globally. Today, Neara works with Australia’s largest utilities, such as Essential Energy, Endeavour Energy, and Ausgrid. Neara has offices in Australia, North America, and Europe.
Source: https://www.neara.com/neara-secures-series-b-funding-expanding-global-focus/