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Equinor and Nysnø invest in eSmart Systems

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eSmart Systems, a world-leading, AI-driven software company targeting the energy industry, today announced a successful capital raise of 18 MUSD. Equinor Energy Ventures leads the round joined by Nysnø Climate Investments (Norwegian sovereign wealth fund) and existing eSmart shareholders, including Kongsberg Digital.

Nysnø has invested in eSmart Systems because their world leading technology is ready for international expansion.

  • “The combination of strong competencies within AI and data analytics, and their experience within the energy field, positions eSmart’s products to address some of the key challenges related to future global energy systems, says Siri Kalvig”, CEO of Nysnø Climate Investments.
  • “Nysnø´s goal is to make profitable, long term investments alongside co-investors, in this case Equinor Energy Ventures and Kongsberg Digital. Using more renewable energy and utilizing power grids optimally is critical for reducing greenhouse gas emissions. The eSmart enabling software is capable of addressing key challenges related to future global energy systems, and supporting large scale roll-out of renewable energy,” says Eivind E. Olsen, CIO of Nysnø.

eSmart Systems is a pioneer in developing AI-products based on machine learning technology that automatically identifies and extracts relevant information from image and IoT-device sources. This includes, for example, power grid infrastructure inspections with automatic detection of grid anomalies and peak load predictions based on smart meter data.

In the eSmart press release Equinor Energy Ventures and Kongsberg Digital also comment the investment and the eSmart partnership.