Noteworthy AI, a New York City, based- was announced that it has closed $3 million to accelerate its growth as a provider of electric distribution asset inspection solutions in new funding.
The round was led by Earthshot Ventures, Techstars, Connecticut Innovations, Susquehanna Foundation, Keiki Capital, Boro Capital, C2 Ventures, Avesta Fund, Asymmetry Ventures, City Light Capital, and Climate Capital.
The company plans to use the funds to expand its core team — in particular, growing its customer support base to accommodate increased demand and ensure customer success while hiring engineering talent to accelerate product development.
Company: Noteworthy AI Inc.
Raised: $3.0 M
Funding Month: July 2022
Lead Investors: Earthshot Ventures, Techstars, Connecticut Innovations, Susquehanna Foundation, Keiki Capital, Boro Capital, C2 Ventures, Avesta Fund, Asymmetry Ventures, City Light Capital, and Climate Capital.
Company Website: https://www.noteworthy.ai/
Software Category: electric distribution asset inspection solutions
About the Company: Noteworthy AI, a Techstars portfolio company, provides AI-powered asset inspection and inventory analysis solutions for energy distribution grid operators. The company's cloud-based software and computer vision solution, Inspector, reduces the need for dedicated distribution asset inspections and mitigates risk at scale while reducing cost. The Inspector hardware sensors and AI edge processing arrays mount on existing fleet vehicles and automatically geolocate, inventory, and identify pole-top component defects while vehicles perform routine operations, reducing the need to mobilize dedicated inspection teams. Since its founding in 2020, the company has experienced rapid growth fueled by substantial market demand. In the second half of 2021, Noteworthy AI was accepted into EPRI IncubateEnergy Labs and Techstars Alabama EnergyTech accelerators. Shortly thereafter, it was accepted into 2022 cohorts for Dominion Energy's DEIC Accelerate, Duke Energy's Joules Accelerator, and EDP's Energy Starter program.