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- eSmart Systems
eSmart Systems Funding, Investors & Competitors
eSmart Systems has raised $133M across 5 funding rounds, most recently a $33M undisclosed-stage round in October 2024.
Last eSmart Systems funding round
$33M
Undisclosed stage · Oct 2024
Cumulative funding eSmart Systems raised
$133M
across 5 funding rounds
Key investors in eSmart Systems
Energy Impact Partners
Future Energy Ventures
Nysnø
Kongsberg
Arosa Capital Management
Equinor Technology Ventures
Equinor Ventures
Quanta Services
About eSmart Systems
eSmart Systems is a Norwegian company, based in Halden and Oslo, that develops AI-driven analytics software for inspecting and maintaining critical energy infrastructure, particularly power grids. Its Grid Vision product covers infrastructure inspection, asset health monitoring, powerline inspections, grid maintenance planning, and energy flexibility optimization for utilities. The company originated as a 2012 spin-off from the IFE Institute for Energy Technology and serves customers including Alliander and E.ON across seven countries.
Founded
2012
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
eSmart Systems Funding History
eSmart Systems has raised a total of $133M across 5 funding rounds.
eSmart Systems' first fundraising round was a $12M Series A in January 2017. The most recent completed round was a $33M undisclosed-stage round in October 2024.
eSmart Systems funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2024 | Undisclosed stage | Tilt Capital Partners (lead); Kongsberg; Arosa Capital Management; Future Energy Ventures; Quanta Services; Equinor Ventures; Energy Impact Partners; Nysnø | $33M | eSmart Systems, based in Halden and Oslo, Norway, develops AI-powered solutions for inspecting and maintaining critical energy infrastructure, particularly power grids, using virtual inspection and grid digitalization technologies. The company serves major customers including 50 of the largest grid companies worldwide, such as Alliander and E.ON, and recently signed strategic contracts with them. It positions itself to capitalize on the energy transition, with global energy transmission networks expected to triple by 2050 amid over $18 trillion in investments to reach net zero. On October 28, 2024, eSmart Systems raised €30 million (approximately $32.7 million) in a Series C funding round led by TiLT Capital Partners, with participation from strategic investor Quanta Services and existing investors Arosa Capital Management, Energy Impact Partners, Equinor Ventures, Nysnø Climate Investments, Future Energy Ventures, and Kongsberg Group. This follows a nearly €40 million Series B round in 2022, bringing total funding over the past two years to €63-65 million across multiple rounds. The new capital will accelerate commercial development, international growth, and market penetration, particularly in North America through collaboration with Quanta Services on virtual inspection and grid digitalization. CEO Henrik Bache highlighted strong momentum despite a challenging macro environment, while TiLT Capital's Nicolas Piau emphasized the company's world-class technology for grid resilience and untapped potential in its customer base. The funding underscores investor confidence in eSmart Systems' role in the evolving power industry. |
| Aug 2022 | Series B | Arosa Capital Management (lead); Equinor Technology Ventures; Kongsberg; Future Energy Ventures; Energy Impact Partners; Nysnø | $40M | eSmart Systems, headquartered in Halden, Norway, develops AI-driven analytics software for infrastructure inspection, asset health monitoring, powerline inspections, grid maintenance planning, and energy flexibility optimization through its Grid Vision product, enabling utilities to reduce costs, improve safety, enhance asset data quality, and extend asset life. The company originated as a 2012 spin-off from the IFE Institute for Energy Technology by the team behind Nord Pool AS. On August 22, 2022, eSmart Systems raised approximately €40 million (~$40.2M-$41M or NOK 400M) in a Series B funding round led by Arosa Capital Management, with participation from existing investors Equinor Ventures (also listed as Equinor Energy Ventures or Technology Ventures), Kongsberg Group (or Kongsberg Digital), Nysnø Climate Investments, Energy Impact Partners, and Future Energy Ventures. The funds are intended to accelerate commercial development and international growth amid expectations of the global energy transmission network tripling in size with over $18 trillion in investments by 2050 for net zero goals. Prior to this round, eSmart Systems had raised roughly $46 million across earlier rounds: $34.4 million in two rounds (June 2019 Series A-II and late 2018 Series A), plus an initial $11.6 million in 2017 (or 2016 per some sources). The company continued raising capital, securing another €30 million (~$32M) in October 2024 led by TiLT Capital with Quanta Services and prior investors, bringing two-year total to €63 million, supported by contracts with Alliander and E.ON. |
| Jun 2019 | Undisclosed stage | Equinor Technology Ventures; Future Energy Ventures; Kongsberg Digital; Energy Impact Partners; Nysnø | $34M | eSmart Systems is a Norwegian AI-driven analytics software company founded in 2012 that specializes in infrastructure inspection and asset health monitoring for the energy sector. The company provides solutions for grid maintenance planning, powerline inspections, and energy flexibility optimization, serving utility customers across 7 countries including Norway, Denmark, the United Kingdom, and the United States. In June 2019, eSmart Systems completed a funding round raising $34.4 million from Energy Impact Partners and innogy Ventures (the investment arm of RWE Group), alongside earlier investors including Equinor Energy Ventures, Nysnø Climate Investments, and Kongsberg Digital. At the time of this round, eSmart Systems served 48 customers across its operations and held the status of Microsoft Partner, with its CTO Erik Aasberg serving as a Microsoft Regional Director. The company's technology includes Connected Drone products for automated fault detection and grid asset maintenance, positioning it as a provider of intelligent analytics solutions for energy utilities seeking to analyze data from images and sensors for transmission and distribution systems. |
| Jan 2019 | Series A | - | $14M | eSmart Systems is a Norwegian AI-based analytics provider specializing in infrastructure inspection and asset health monitoring for energy utilities. The company later demonstrated strong growth trajectory, raising $39.62 million in a Series B round in September 2022 and €30 million (~$32 million) in a Series C round in October 2024, achieving a cumulative total of €63 million raised over two years by late 2024. By the October 2024 round, eSmart Systems had established relationships with 50 of the largest grid companies worldwide and secured strategic contracts with major utilities including Alliander and E.ON. |
| Jan 2017 | Series A | Kongsberg (lead) | $12M | - |
Who has invested in eSmart Systems?
10 investors have backed eSmart Systems across its funding rounds, including Energy Impact Partners, Future Energy Ventures, Nysnø, Kongsberg, Arosa Capital Management and Equinor Technology Ventures.
Lead investors include Tilt Capital Partners, Arosa Capital Management and Kongsberg.
eSmart Systems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jan 2017 | ||
| 3 | Participant | Jun 2019 | ||
| 3 | Participant | Jun 2019 | ||
| 3 | Participant | Jun 2019 | ||
| 2 | Participant | Jun 2019 | ||
| 2 | Lead | Aug 2022 | ||
| 1 | Participant | Jun 2019 | ||
| 1 | Participant | Oct 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialeSmart Systems Competitors
eSmart Systems competitors include listed companies like PTC and Nextracker, and private ones like Applied Intuition, Terminus Technologies, ElevenLabs and SambaNova.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $415M | - | $15B | 36.1x | ||
| Private | - | - | $2.9B | - | ||
| Publicly listed | $2.7B | $1.1B | $15B | 5.8x | ||
| Publicly listed | $3.6B | $747M | $13B | 2.9x | ||
| Private | $500M | - | $11B | 22.0x | ||
| Private | $100M | - | $11B | - |
eSmart Systems Public Comps
eSmart Systems is still privately-owned, but its public comps include Palantir, Snowflake, Johnson Controls, Z.ai, BOE, Samsara, Lite-On Technology, Sharetronic, Advantech and IonQ.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $4.7B | ($1.3B) | 25.6x | 21.0x | (94.1x) | 121.7x | |||
| $24B | $3B | 4.0x | 3.7x | 31.0x | 20.0x | |||
| $108M | ($658M) | 422.9x | 65.9x | (69.4x) | (73.0x) | |||
| $31B | $7B | 1.7x | 1.6x | 7.5x | 7.3x | |||
| $1.6B | ($29M) | 14.0x | 12.0x | (794.5x) | 55.7x | |||
| $5.2B | $700M | 3.6x | 2.9x | 26.5x | 19.7x | |||
| $1.8B | $325M | 12.2x | - | 68.8x | - | |||
This data is available for Pro users. Sign up to see all eSmart Systems competitors and their valuation data. Start Free Trial | ||||||||
Common questions about eSmart Systems
| When was eSmart Systems founded? | eSmart Systems was founded in 2012. |
| Where is eSmart Systems headquartered? | eSmart Systems is headquartered in Norway. |
| Is eSmart Systems publicly listed? | No, eSmart Systems is a private, VC-backed company. |
| How much funding has eSmart Systems raised? | eSmart Systems has raised $133M across 5 funding rounds. |
| What was eSmart Systems' last funding round? | eSmart Systems' last funding round was a $33M undisclosed-stage round in October 2024, led by Tilt Capital Partners. |
| Who are eSmart Systems' investors? | eSmart Systems' investors include Kongsberg, Future Energy Ventures, Energy Impact Partners, Nysnø, Equinor Technology Ventures, Arosa Capital Management, Kongsberg Digital, Quanta Services, Tilt Capital Partners and Equinor Ventures. |
| Which companies are comparable to eSmart Systems? | Companies comparable to eSmart Systems include Applied Intuition, Terminus Technologies, PTC, Nextracker, ElevenLabs and SambaNova. |
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