Dutch energy analytics software firm Withthegrid has secured funding from the Participation Fund of the Regional Development Agency (ROM Utrecht Region) and European technology investor Boundary Holding.
Withthegrid plans to use the €1 million ($1.1 million) to further develop its technology and to fund market growth.
ROM Utrecht Region and Boundary Holding will connect Withthegrid with their international networks across Europe and Southeast Asia.
Withthegrid’s Internet-of-Things-based solution leverages machine learning and artificial intelligence to provide building operators and utilities with real-time insights into the condition of gas, electricity, water, and district heating infrastructure.
Access to real-time data regarding events happening on distribution networks would help utilities to quickly detect and attend to leaks. This helps reduce non-revenue gas, water, and heat.
The solution provider claims its technology enables utilities to reduce the costs associated with network management and maintenance by as much as 25%.
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In addition to making energy and water infrastructure more sustainable, the solution helps optimise utilities’ management and maintenance of infrastructure. For instance, companies are able to quickly identify aging distribution pipes and plan replacements.
Also with the energy sector digitising operations, the solution can play a significant role in ensuring network operators digitise asset monitoring and eliminate the need for regular inspections by technical personnel.
ROM Utrecht Region and Boundary Holding say investing in such technology has the potential to help improve energy efficiency, accelerate the energy transition, and help utilities, consumers, and building operators to achieve sustainability goals.
Paul Mignot, CEO of Withthegrid, said: “An essential condition for the energy transition is having an efficient energy grid. Our team sees huge potential in this. Our projects with energy infrastructure managers in the Netherlands and Europe confirm this potential. We are extremely proud that we are now entering the next phase with this consortium. This consortium forms the perfect basis for our next chapter!”
Withthegrid was founded in early 2017.