Sensat, a digital twin startup based in London, has raised $20.5 million (£16.7 million) in a Series B fundraising round, which was led by National Grid Partners and included previous investors. Previously, the company also raised money from one of Facebook’s co-founders, however, we are unsure if he will participate in this round.
With the money, Sensat will be able to develop products that support infrastructure automation while also expanding internationally more quickly. According to reports, the company wants to become Europe’s first trillion-dollar business.
“We are pleased to welcome National Grid Partners as a shareholder and look forward to servicing utility customers in the UK, the US, and beyond, ushering in a new age in digital automation for the utility and wider infrastructure sectors,” said Sensat CEO James Dean.
Sensat is a digital twin firm that was established by James Dean and Harry Atkinson to digitize the underserved construction sector and bring efficiency to the planning and management of significant infrastructure projects.
A digital twin is a virtual model created to accurately represent a physical thing, according to IBM’s definition.
By identifying hidden hazards, the UK company assists infrastructure owners and their construction partners in completing infrastructure initiatives on schedule and under budget. Sensat handles the entire sector on its own whereas Yardlink aims to digitize the construction industry’s procurement platform.
Sensat’s software enables teams to organize and visualize real-time information on construction projects to plan, coordinate, and monitor project progress and make better, quicker, and more data-driven decisions.
According to Sensat, more than $150 billion worth of infrastructure is currently planned, constructed, and managed globally. One of the biggest investor-owned electricity businesses in the world, National Grid plc., has a venture investment and innovation division called The National Grid Partners (NGP).
NGP directs efforts for disruptive innovation across the entire firm and invests in strategic and financial effects.
Incubation, corporate venture financing, business development, and venture acceleration are just a few of the multifunctional services offered by the organization to help establish startups.
According to Ian Cooper, Head of European Venture Capital at National Grid Partners: “Many of the largest infrastructure projects in the world already use Sensat to digitize the planning, development, and management of their infrastructure projects and improve team collaboration – eliminating the largely manual processes and data silos that characterize traditional project management. Sensat should excel as the go-to digital twin solution for infrastructure projects in the utility sector and beyond, we hope.
Image Credit: Sensat
