Swedish grid inspection firm Skyqraft has successfully concluded an oversubscribed investment round, securing a substantial sum of $3.8 million. This financial infusion is poised to accelerate Skyqraft's mission of providing faster, more precise, and environmentally sustainable energy infrastructure inspections, addressing the critical challenges arising from escalating energy consumption and the imperative to ensure the reliability and durability of power grids.
Currently, a staggering 90 percent of grid defects remain undetected, with an estimated cost of grid maintenance projected to reach a staggering $2 trillion by 2030, all in the pursuit of upholding existing grid reliability standards.
Skyqraft's cutting-edge solution comes in the form of an end-to-end cloud-based AI platform that offers unparalleled visibility and actionable insights into the physical assets of grid operators. Serving as the pivotal interface between data collectors, operational units, and field teams, this platform amalgamates a diverse range of sensor data, including images, 3D point clouds, and thermal imaging, within a singular, accessible hub. Importantly, this consolidation empowers the platform to detect grid defects at a rate ten times higher than conventional methods. This newfound capability equips grid operators with the tools to proactively manage risk exposure and optimize both grid uptime and maintenance budgets.
The electric grid stands as the backbone of modern society and a cornerstone in the ongoing energy transition. Regrettably, it is deteriorating at an alarming pace, coinciding with an impending doubling of energy demand projected by 2045.
According to the Organization of the Petroleum Exporting Countries (OPEC), global energy demand is set to surge by 23 percent by 2045. Louise Gauffin, CEO of Skyqraft, identifies these compelling statistics and the imperative for modernization as the driving forces behind the resounding success of the company's oversubscribed investment round. She asserts, “The need is clear, and we're here to support grid owners through this energy transition and into an electrified future.”
With a firm foothold already established in 15 percent of the domestic market and a surging demand amid the ongoing energy transition, Skyqraft is steadfast in its commitment to international expansion. The company has secured multi-year contracts spanning across Europe and North America, with agreements in place with prominent utility providers, including E.ON, a leading energy conglomerate in Europe.
Adding to its global footprint, Skyqraft recently inaugurated an office in San Francisco, marking its entry into the North American market. Concurrently, the company is actively collaborating with major power grid operators on ongoing proof of concepts to refine and enhance its innovative solutions.
The latest investment round was spearheaded by Subvenio Invest, Neptunia Invest, and Antler, showcasing both their financial backing and strategic counsel to consolidate Skyqraft's standing in the market.
This fresh infusion of capital will be instrumental in propelling the advancement of Skyqraft's AI-driven products, with a particular focus on serving European and North American clientele. The aim is to further elevate the speed and quality of its state-of-the-art AI platform, thereby accommodating a burgeoning clientele. In tandem, the company is establishing a dedicated team in the United States to facilitate its expansion into this new market segment.
