Noteworthy AI Raises $3M to Increase Electric Grid Reliability, Resiliency and Safety via AI-Powered Asset Inspection
STAMFORD, Conn., July 20, 2022 (Newswire.com) - Noteworthy AI announced this week that it has closed $3 million in new funding to accelerate its growth as a provider of electric distribution asset inspection solutions. Investors that joined this latest round include: Earthshot Ventures, Techstars, Connecticut Innovations, Susquehanna Foundation, Keiki Capital, Boro Capital, C2 Ventures, Avesta Fund, Asymmetry Ventures, City Light Capital, and Climate Capital.
Noteworthy's solution, Inspector, employs a combination of vehicle-mounted cameras, computer vision and edge processing devices that enable electric utilities to inspect distribution assets at-scale while reducing operations and maintenance costs by up to 75 percent. Leveraging utility fleet vehicles already on the road, the system automatically geolocates utility poles, produces high-resolution imagery and point cloud data, and passes these data points through machine learning models to detect pole-top components, defects and more.
"We're excited to see Noteworthy AI bring new technology, such as computer vision and artificial intelligence, to address pressing challenges across utility networks," said Mike Jackson, Managing Partner at Earthshot Ventures. "I'm looking forward to joining the board and supporting Noteworthy as we see this increasing the safety and reliability of grid operations while unlocking big new opportunities for their utility customers."
The company's technology directly addresses the need for grid reliability, resiliency and safety in light of increased demand for electricity and extreme weather events that put the deteriorating distribution grid at risk. By reducing inspection costs, Noteworthy's solution enables utilities to increase the frequency of pole inspections while proactively identifying problem areas that require maintenance, all of which aim to make communities safer by reducing preventable service interruptions and outages.
"The U.S. power grid is at a critical juncture, already experiencing outages with unprecedented frequency and facing considerably more strain in the coming years with the accelerating adoption of electric vehicles and renewable power generation facilities," said Matt Olivo, general partner of C2 Ventures, an early-stage venture firm focused on software productivity tools for legacy industries. "Noteworthy's use of machine learning to automate grid maintenance will provide crucial cost-savings and necessary scale to utilities currently facing an untenable multitrillion-dollar price tag over the next decade."
Since its founding in 2020, the company has experienced rapid growth fueled by substantial market demand. In the second half of 2021, Noteworthy AI was accepted into EPRI IncubateEnergy Labs and Techstars Alabama EnergyTech accelerators. Shortly thereafter, it was accepted into 2022 cohorts for Dominion Energy's DEIC Accelerate, Duke Energy's Joules Accelerator and EDP's Energy Starter program. These competitive programs are designed to provide access to key industry stakeholders and ultimately match startups with valuable revenue-generating opportunities. For Noteworthy AI, the opportunities provided by these programs will add to its growing list of investor-owned utility customers, which already include FirstEnergy, Alabama Power, Exelon, and others.
"The solution demonstrates clear value to the market and we see this in the form of increasing demand and returning customers," said Christopher Ricciuti, founder and CEO of Noteworthy AI. "This round of financing will help us to grow into that demand as we continue to meet the needs of customers and partners alike."
Moving forward, the company plans to use the funding to expand its core team — in particular, growing its customer support base to accommodate increased demand and ensure customer success while hiring engineering talent to accelerate product development.
Noteworthy AI, a Techstars portfolio company, provides AI-powered asset inspection and inventory analysis solutions for energy distribution grid operators. The company's cloud-based software and computer vision solution, Inspector, reduces the need for dedicated distribution asset inspections and mitigates risk at-scale while reducing cost. The Inspector hardware sensors and AI edge processing arrays mount on existing fleet vehicles and automatically geolocate, inventory, and identify pole-top component defects while vehicles perform routine operations, reducing the need to mobilize dedicated inspection teams. Learn more about Noteworthy AI and its mission here.
Source: Noteworthy AI