Skip leads Series B for Australia utilities SaaS platform

Square Peg Capital, which led the USD 5m Series A last year, and OIF Ventures both re-upped. Neara will use the proceeds to expand its international presence, with growth in the US market a strategic priority, and broaden the functionality of the platform, which includes entering new industries.

Founded in 2016 by Daniel Danilatos, formerly a software engineer at Google, the company creates digital models of entire infrastructure networks that enable utilities to prepare for and better withstand weather emergencies. Its software relies on 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 these networks, assess potential risks, and manage physical assets. For example, its work underpins the complex engineering analysis required to optimise systems and integrate renewables efficiently and effectively.

The company works with some of Australia’s largest utilities, including Essential Energy, Endeavour Energy, and Ausgrid. It has modelled networks encompassing 390,000 miles, 510,000 square miles, and around 2.4m assets across distribution, sub-transmission, and transmission structures.

The global footprint already encompasses North America and Europe, as well as Australia. Since closing the Series A, Neara has begun working with several US-based utilities. It believes there is scope to do much more, given increased electricity disruptions caused by weather and ageing infrastructure. There are plans to double US headcount in the next six months.

“We are delighted to lead this round and really excited about Neara’s global potential,” said Kim Jackson, co-founder of Skip and Farquhar’s wife, said in a statement.

“They have already digitally modelled more than half of Australia’s electricity network, helping to transform the way utilities operate their infrastructure and respond to weather crises such as wildfires and floods, which have now become regular events. I am excited about their expansion globally, especially with utilities in the US and Europe.”

In addition to backing high-growth technology companies, Skip invests in future-aware infrastructure projects in areas like wind, solar, waste processing, recycling, food, and data infrastructure. It takes long-term positions, entering at any stage.

Climate change has emerged as a prevalent theme for Farquhar and Atlassian co-founder Mike Cannon-Brookes as they mobilise their private investment firms. Cannon-Brookes’ Grok Ventures recently teamed up with Brookfield Asset Management in a bid for AGL Energy. They wanted to fast-track the phasing out of the utility’s coal-fired power stations.

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• Topics
• Australasia
• Early-stage
• Technology
• Cleantech
• Australia
• Skip Capital
• Cleantech
• Square Peg Capital