LONDON, Oct. 20, 2022 (GLOBE NEWSWIRE) -- 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 digitize 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 visualize 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 U.S. market will help Sensat to understand the specific needs of the U.S. 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 U.K., U.S. 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 digitize the planning, development and management of their infrastructure projects and enhance team collaboration - eliminating the largely manual processes and data silos that characterize traditional project management. We hope to see Sensat become the leading digital twin solution for infrastructure projects in the utility industry and beyond."
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About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads company-wide disruptive innovation efforts. The organisation provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and venture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at www.twitter.com/@ngpartners_ and www.linkedin.com/showcase/national-grid-partners.
About Sensat
At Sensat, we're working on era-defining technology; our mission is to automate how Infrastructure is planned, built and managed to create a more sustainable future.
Sensat helps Infrastructure owners and their construction partners to deliver Infrastructure programmes on time and on budget by uncovering hidden risks. Our software powers teams to manage and visualise live construction information so they can plan, coordinate and track project performance for better, faster, more data-driven decisions.
Our team members are experienced operators who have built, led, contributed to and learnt from some of the most well-known scaling success stories in global tech. Our management team has led multi-billion dollar exits in the construction/tech sectors at companies such as Google, Amazon, Oracle, McKinsey, Microsoft and Palantir. We're aligned by purpose, equipped with transparency and enabled by agency.
Today over $150bn of Infrastructure is planned, built and managed through Sensat around the world. As the bedrock of society, we want a greater proportion of the global population to have access to fundamental Infrastructure (without wrecking our home planet in the process).
Media Contact:
U.K.: Gemma Dodd gem@shift6studios.com
U.S.: Melissa Tirey melissa@shift6studios.com
Contact Information:
Melissa Tirey
melissa@shift6studios.com
+1 646 823 6776
Gemma Dodd
gem@shift6studios.com
+44 7585 126262
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