Sensat, a London-based digital twin company, has raised $20.5 million (£16.7 million) in a Series B funding round led by National Grid Partners, with the participation of existing investors. Previously, the company also raised money from one of the Facebook’s co-founder, however, we are not sure about this participation in this round.
The funds will help Sensat to accelerate international expansion and product development underpinning Infrastructure automation. Reportredly, the firm aims to become Europe’s first-ever trillion-dollar company.
Sensat CEO James Dean says, “We are delighted to welcome National Grid Partners as a shareholder and look forward to serving utility customers in the UK, the US, and beyond, bringing a new era in digital automation for the utility and wider infrastructure sectors.
Digitising construction industry
Founded by James Dean and Harry Atkinson, Sensat is a digital twin company with a mission to digitise the underserved construction industry and bring efficiencies to the development and operation of large infrastructure projects.
According to IBM’s definition, a digital twin is a virtual model designed to reflect a physical object accurately.
The UK company helps infrastructure owners and their construction partners to deliver Infrastructure programmes on time and within budget by uncovering hidden risks. While Yardlink tries to digitise the procurement platform for the construction industry, Sensat deals with the whole industry by itself.
Sensat’s software powers teams to manage and visualise live construction information to plan, coordinate, and track project performance for better, faster, more data-driven decisions.
Today over $150B of Infrastructure is planned, built, and managed through Sensat worldwide, claims the company. The
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 in 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.
Ian Cooper, Head of European Venture Capital at National Grid Partners, says, “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.”
The post London-based Sensat raises $20.5M to digitise construction industry appeared first on Tech Funding News.