LineVision, Inc., a provider of non-contact overhead power line sensor solutions to monitor, optimize, and protect critical energy delivery infrastructure closed its Series B financing round, raising $12.5 million to accelerate the company’s growth.
The round is led by UP Partners, a Los Angeles-based electrification and mobility fund. Other new investors include National Grid Partners, the venture investment arm of the multinational utility company; and ZOMA Capital, a Colorado-based family office specializing in grid modernization technologies.
These new investors join existing LineVision backers including Clean Energy Ventures, which is again investing in LineVision through this Series B financing round.
National Grid is using LineVision’s V3 platform to assess conductor asset health, obtain greater situational awareness, and increase transmission line capacity with Dynamic Line Ratings. The utility first deployed LineVision’s solutions in 2018 on transmission lines in Massachusetts, and in 2020 installed LineVision’s asset health monitors on lines in New York.
LineVision’s V3 sensors collect real-time data on critical parameters of overhead power lines including line temperature, sag, horizontal motion and anomalies. Studies have shown congestion on transmission lines costs US consumers more than $8 billion annually. A recent study by The Brattle Group showed that Dynamic Line Ratings enabled by LineVision will help double integration of renewables on the existing grid.
In just over two years since its founding, LineVision has secured deals with National Grid, Dominion Energy, Xcel Energy, Tennessee Valley Authority, and several other North American utilities yet to be announced. The company also works with multiple European utilities through the Farcross Project, which aims to improve cross-border interconnections by utilizing Dynamic Line Ratings.