LineVision Closes $2 Million Series A to Accelerate Adoption of Transmission Line Monitoring Solution
Clean Energy Ventures joins group of investors in LineVision to increase capacity, reliability and safety of transmission assets
SOMERVILLE, MASS. (PRWEB) JANUARY 08, 2019
January 8, 2019 - LineVision, Inc., which enables utilities to improve transmission line capacity, resilience and safety through advanced technology, today announced that it has closed a $2 million Series A round. The lead investor was Clean Energy Ventures.
"With increasing risk from storms and continuing growth of renewable resources on our grid, utilities are looking for technologies to improve the resilience, capacity and flexibility of their transmission lines," said Hudson Gilmer, CEO of LineVision. "The LineVision team is solving real problems for utilities from unlocking additional capacity on existing lines to monitoring the asset health and risk of aging lines. This funding round demonstrates confidence in the market need for transmission line monitoring and LineVision's ability to deliver the most effective solution."
LineVision will use the new capital to scale its operations and supply chain to support the needs of utilities worldwide.
"We invest in companies with disruptive clean energy innovations that demonstrate commercial value and the ability to scale," said Daniel Goldman, co-founder and managing director at Clean Energy Ventures. "The global climate challenge necessitates safer and more reliable management of existing transmission assets and more capacity to integrate renewables onto the grid. We see LineVision's non-contact technology as uniquely positioned to meet that need in a way that minimizes the cost and complexity to the utility."
In addition to Clean Energy Ventures, this investment round includes serial clean energy entrepreneur David Brewster, former president and co-founder of EnerNOC, which was acquired by Enel in 2017.
"Transmission lines are the arteries of our electric power system," said Brewster. "LineVision is helping utilities upgrade the performance of the grid by monitoring these vital lines and enabling greater capacity, reliability and safety."
Both Goldman and Brewster will join LineVision's board of directors.
LineVision raised $1 million from a Series A in June 2018 when the company spun out from Genscape, a leading global provider of near-real-time data and intelligence for commodity and energy markets. This additional $1 million raise closes the firm's Series A offering.
In late 2018, as part of its efforts to scale its operations, LineVision moved to Greentown Labs, the largest cleantech incubator in the United States with a network of industry partners including General Electric and National Grid.
LineVision enables electric utilities to improve transmission line capacity, reliability and safety through advanced sensors and analytics. LineVision's solution provides utility clients with previously unavailable visibility on asset health and safety for optimized asset management. LineVision's turnkey, non-contact systems can be rapidly deployed without the need for outages, live line work or specialized equipment. LineVision is dedicated to helping utilities optimize the performance of the electric power grid. For more information, visit http://www.LineVision.co.