Overstory, an Amsterdam, Netherlands-based global vegetation intelligence platform, announced that it raised $5.2 million in funding.
The round was led by Convective Capital, with participation from B Capital Group, Semapa Next, Bentley iTwin Ventures, Pale Blue Dot, CapitalT, Moxxie Ventures, Toba Capital, and Climate Capital.
This additional funding will enable Overstory to continue expanding its product, which is a vegetation intelligence platform that helps utilities in reducing the risk of power outages and wildfires caused by trees and plants touching power lines.
Two top ten US utilities and one of Europe's largest utilities have joined the Overstory portfolio in the last three months. It also added investor-owned utilities and coops from Canada to Mississippi, and from California to Virginia.
Overstory's rapid growth has seen its customer base's total transmission and distribution mileage grow from 36,000 miles to more than 700,000 miles in less than 9 months, a 19X increase.
Company: Overstory, Inc.
Funding Month: November 2022
Lead Investors: Convective Capital
Additional Investors: B Capital Group, Semapa Next, Bentley iTwin Ventures, Pale Blue Dot, CapitalT, Moxxie Ventures, Toba Capital, and Climate Capital
Company Website: https://www.overstory.com/
Software Category: Vegetation intelligence platform
About the Company: Founded by Indra den Bakker, Overstory applies Artificial Intelligence (AI) to high-resolution satellite imagery to provide real-time analytics of natural resources. The insights offered on the quantity and quality of natural resources help improve decision-making by electric utility companies, forestry companies, and NGOs. The company’s platform identifies the location, height, health, and species of trees. It then alerts customers on where the riskiest trees are and need to be cut down or pruned because they are at risk of growing into or falling onto the power lines. Overstory worked with various clients, including Sho-Me Power Electric Cooperative, a US transmission operator and employs around 31 people from 11 nationalities. It is on a mission to become the standard in predictive planet intelligence. Understanding every m² on Earth in real-time.