Melbourne-based IND Technology, a company that provides early fault detection systems to utilities and grid operators globally, has raised $50 million to accelerate deployment of its flagship technology which is said to have already prevented more than 500 fire events globally.
The capital raise is the first institutional funding round for IND Technology with the round co-led by US-based energy sector specialists Angeleno Group and Energy Impact Partners.
Climate-tech investor Virescent Ventures participated as the Australian partner, while Edison International, one of the world’s largest electric utility holding companies, also supported the raise.
“Grid reliability and resilience are among the most critical challenges and opportunities for the energy transition,” says Kristin Vaughan, managing partner of Virescent Ventures.
“Ageing infrastructure, hotter and drier summers, and rising bushfire risk all mean utilities need smarter tools to detect faults before they become costly outages or catastrophic fires events.
“IND Technology has already secured global traction and deep adoption with their proven, homegrown solution preventing fires and improving reliability across major networks in Australia and North America, but the potential is vast.
“This is exactly the kind of innovation needed to underpin the electrification of the global economy. It is smart, proactive, data-driven technology that delivers immediate benefits for communities, utilities, network operators and the broader economy.”
The Australian-developed technology detects the precursors to electrical failures in energy grids long before they lead to faults, preventing power outages, incidents and bushfires.
Sensors mounted on poles up to 5km apart capture radio-frequency signals emitted by stressed or failing components.
IND Technology says these signals are analysed in real time, locating anomalies to within 10 metres so that maintenance crews can intervene proactively instead of waiting for the next scheduled inspection.
The technology improves reliability and resiliency, reduces the economic and social impacts of grid failures and helps lower maintenance and operating costs.
Founded in Melbourne by RMIT Professor Alan Wong following the Black Saturday bushfires, IND Technology is growing rapidly with about 15,000 early fault detection units now sold across six countries.
The company’s technology is now used by major utilities including AusNet Services, Powercor, Western Power, Endeavour Energy in Australia, Southern California Edison, PPL Electric and PG&E in the US, and Fortis Alberta and ATCO in Canada, with new installations also under way in Europe.
“For almost a decade, we’ve worked side-by-side with Australian utilities to prove that the EFD system can improve grid resiliency and reduce the risk of bushfires, with eight local pilots showing how valuable this technology can be when it’s deployed at scale,” says Wong, the CEO of IND Technology.
“What matters most to us is making sure this technology reaches the places where it can make the greatest difference.
“With new partners, including local partners like Virescent Ventures who understand the Australian energy landscape, our focus is now on scaling our delivery, field support and deployments globally.
"This support is a strong affirmation of the value of homegrown innovation and in Australia’s ability to lead in practical, life-saving engineering.
“We’re committed to working closely with utilities to embed a prevention-first approach into energy networks and help protect the communities they serve.”
IND Technology will use the $50 million raised to “supercharge” the expansion of the company and accelerate deployment of its flagship Early Fault Detection (EFD) system, which the company says has prevented more than 500 fire events globally for clients.
IND Technology will also use the capital to expand its machine-learning engineering team, which it plans to enhance the platform’s ability to interpret complex fault data and deliver actionable insights for utilities.
Participation in the raise by Virescent Ventures’ Fund II has boosted the fund’s commitments to more than $155 million after Breakthrough Victoria joined cornerstone investors the CEFC, Westpac and QIC.
It also follows Virescent’s recent investments in some of Australia’s leading climate tech companies including Amber Electric, Relectrify and the National Renewable Network.
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