Infravision said the $36 million capital raise will help the Sydney-based company accelerate the development of its proprietary field robotics powerline stringing system and intelligent grid monitoring solutions to meet demand in its key growth markets of Australia and North America.
Founded in 2018 by robotics engineer and Cameron Van Der Berg and military veteran Chris Cox, Infravision has developed a drone hardware and software technology system that can be used by electricity transmission network owners to install and upgrade overhead power lines.
The company’s core product, the TX System, uses drones in place of traditional powerline stringing methods. Infravision said the ground and aerial robotics system – which is already being used by some of the world’s largest electric utility companies, including New South Wales transmission network operator Transgrid – is safer, faster and cheaper than traditional methods.
Van Der Berg, Infravision’s Chief Executive Officer, said the new funds will be used to scale operations in North America while meeting demand in Australia for new electrical infrastructure amid the transition to renewables.
“Today marks an incredible milestone for Infravision as we join forces with leading global energy investors to accelerate the decarbonisation of the world’s electric grid,” he said.
“This funding will enable Infravision to invest in the people, products and projects required to establish it as the industry standard for electric utilities and their construction partners on a global scale.”
Van Der Berg said the latest estimates show that Australia alone needs more than 10,000 kilometres of new transmission lines and nine times the large-scale renewable generation it currently has to meet net-zero targets.
“Infravision is at the forefront of this infrastructure program and is well positioned to capitalise on it over the coming years,” he said.
The Series A funding round was led by United States-headquartered investment firm Energy Impact Partners (EIP) which has more than $3 billion in funds under management. Norway’s Equinor Ventures, the venture capital arm of global energy giant Equinor, and Edison International, the parent company of Southern California Edison (SCE), one of the United States’ largest electric utilities, also participated in the round.
Sergej Mahnovski, managing director of strategy, technology and innovation at Edison International, said transmission is “the backbone of the clean energy transition.”
“Currently it can take more than a decade to build a new transmission line, so the pace of expansion must increase quickly,” he said. “Infravision’s drone solutions offer safe, fast, affordable ways to accelerate the huge transmission buildout we need.”
Infravision currently has operations in NSW and Queensland, along with teams in Texas and California in the US.
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