Neara uses AI and digital modelling technology to create hyper-accurate virtual models of critical infrastructure. Starting with electricity networks, utilities use the model to stress-test infrastructure – including power lines and pylons – by simulating extreme weather events such as the impact of flooding, high winds, wildfires or soaring temperatures. These “digital test drives” then allow utilities to safely and rapidly identify actions and early interventions needed to increase resilience and reduce power outages, at scale.

Following 2021’s catastrophic Storm Arwen, Scottish Power used Neara’s technology to simulate the same conditions (including >100 mph winds) and identify exactly which poles were at risk of failing and causing outages, enabling the utility to take proactive remediation action ahead of the next major weather event.

To date, Neara’s technology has been used to model over 12 million infrastructure assets covering more than 1.5 million miles across four continents to improve network risk assessment and enhance reliability and resilience. Utilities leveraging the software are able to identify the risk of power outages 9x faster and restore power 3x as quickly in the event of power cuts.

Critically, the software also allows utilities to model the impact of running increased energy loads across power grids, as global demand for electricity skyrockets. Neara pinpoints where extra capacity can be unlocked within existing infrastructure. For one utility using Neara, this process allowed them to double the carrying capacity of their existing lines.

With offices in London, New York, and Sydney and colleagues across the globe, Neara will use this Series C funding to double down on their global growth and expand across other critical infrastructure verticals.

In Europe, this includes the opening of a larger London-based HQ to accommodate the growing team focused on continental client partners, as Europe’s utilities grapple with increasingly severe flooding, drought, wildfire and storm risk. Neara’s European team has grown four-fold over the last 12 months. Their clients include ESB Networks (Ireland), Scottish Power (UK), and Hedno (Greece), all of whom are using the technology to strengthen their resilience and stress-test systems.

Globally, utilities including CenterPoint Energy and South California Edison in the US, and Essential Energy in Australia are also capitalising on the power of Neara’s technology.

Neara is currently focused on helping global electric utilities mitigate risks, but the company will now expand use of its modelling and simulation technology to improve resilience across a far wider remit of critical infrastructure, including telecoms and public transportation. Neara has already begun modelling broadband infrastructure throughout the United States to help providers accelerate efforts to connect underserved populations.

“We are asking the grid to do more in the next 10 years than we have in the last 50. Neara helps strengthen critical infrastructure to keep global communities safe, connected, and economically viable despite intensifying severe weather, age, and overuse. Reliable, affordable, clean energy depends on resilient high-functioning infrastructure, which demands the laser-focused, fast decision-making we’re empowering for utilities,” said Jack Curtis, Chief Commercial Officer at Neara.

In 2024, Neara was recognised as one of the TIME100 Most Influential Companies.

“This investment marks EQT's first venture growth investment in an Australia-headquartered company, highlighting our ambition to support world-class platforms from early growth partnerships through to large-cap buyouts. We are excited to further advance Neara's growth and impact by leveraging our global network and expertise across energy transition, infrastructure augmentation and best-in-class software development," said Frank Heckes, Partner on the EQT Private Equity advisory team and Co-Head of EQT Private Capital Australia and New Zealand.

"EQT is focused on making responsible investments that address global challenges and drive innovation for a better future. Neara exemplifies this by empowering mission-critical service providers to enhance infrastructure reliability and efficiency, unlocking bottlenecks, and accelerating energy transition in key markets,” added Sam Franklin, Managing Director on the EQT Infrastructure advisory team.

Cyrus Driver, Managing Director at Partners Group, said: "In many cases, infrastructure is lagging behind rapidly changing societal needs, including across the energy grid, transportation, and digital infrastructure. As a result, it’s never been more important that every dollar invested in infrastructure demonstrably improves performance. Neara’s industry-leading technology is essential for every asset owner to run high-functioning and resilient infrastructure. We have deep thematic conviction in Neara's offering and we are already working with management on multiple opportunities to deploy its solutions within Partners Group's global network."

James Tynan, Partner at Square Peg, explained: “For most of us, infrastructure is invisible until there is a problem, but then it can be a matter of life and death. With infrastructure under pressure like never before, Neara’s unique ability to help intelligently and cost-effectively manage these critical assets could not be more important. At Square Peg, we concentrate our investments around a small number of outlier teams attacking critical, global problems, and we’re proud to be continuing to back Neara almost four years into our journey with them.”

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