Noteworthy AI Raises $3M to Increase Electric Grid Reliability, Resiliency and Safety via AI-Powered Asset Inspection
We are excited to announce that we recently closed $3 million in new funding to accelerate our 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.
Our 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."
Our 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, our 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 our founding in 2020, we've experienced rapid growth fueled by substantial market demand. In the second half of 2021, we were accepted into EPRI IncubateEnergy Labs and Techstars Alabama EnergyTech accelerators. Shortly thereafter, we joined the 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. The opportunities provided by these programs will add to our 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, we plan to use the funding to expand our core team — in particular, growing the customer support base to accommodate increased demand and ensure customer success while hiring engineering talent to accelerate product development.
For the official press release, see here.