Technology provider powering major infrastructure projects raises $20.5m (£16.7m) in Series B funding round - led by National Grid Partners.
Funds to accelerate international expansion and product development underpinning Infrastructure automation
London 20 October 2022: Sensat has raised $20.5m (£16.7m) in Series B funding in a round led by National Grid Partners, with the participation of existing investors. Sensat is a leading digital twin company with a mission to digitise the underserved construction industry and bring efficiencies to the development and operation of large infrastructure projects.
The funds will help Sensat to drive digital automation in infrastructure projects in the energy, rail and telecommunications sectors, which have traditionally lacked the productivity gains that have been a by-product of the rapid digital adoption that has occurred in other sectors.
Sensat helps infrastructure owners and their construction partners deliver on time and on budget by facilitating team collaboration, uncovering hidden risks, eliminating site visits and acting as a window into the entire project. Teams can visualise and collaborate on high resolution, multi-layered digital twins, resulting in faster project completion, fewer missteps, lower costs and superior project performance.
Today more than $150bn worth of assets worldwide are planned, built and managed with Sensat software.
The investment from National Grid Partners, the corporate venture capital and innovation arm of National Grid, augurs a prominent role for digital twin technology in the smarter management of utility infrastructure projects. National Grid’s footprint in the US market will help Sensat to understand the specific needs of the US customer and better tailor the platform to address the market.
Sensat CEO James Dean said: “We are delighted to welcome National Grid Partners as a shareholder and look forward to serving utility customers in the UK, US and beyond, bringing a new era in digital automation for the utility and wider infrastructure sectors.
Ian Cooper, Head of European Venture Capital at National Grid Partners added: “Many of the world’s largest infrastructure projects already use Sensat to digitise the planning, development and management of their infrastructure projects and enhance team collaboration – eliminating the largely manual processes and data silos that characterise traditional project management. We hope to see Sensat become the leading digital twin solution for infrastructure projects in the utility industry and beyond.”