Sydney-headquartered critical infrastructure digital twin modelling company Neara has closed a $90 million (USD 63.8 million) Series D funding round to accelerate its focus on solving global infrastructure challenges.
The round was led by equity firm TCV, which has previously invested in technology companies including Netflix, Revolut, and Xero.
Returning investors include Partners Group, EQT, Square Peg Capital, and Skip Capital, and builds on Neara’s $45 million Series C in late 2024, bringing total funds raised to date to approximately $180 million.
The funding from this round will accelerate Neara’s global talent pipeline of machine learning and artificial intelligence (AI) engineers, in addition to further expanding Neara’s international commercial footprint.
TCV General Partner Muz Ashraf said it is TCV’s third investment in an Australian-founded, category-defining technology.
“We believe the infrastructure challenges facing the world, from climate resilience to energy access for AI compute require fundamentally new approaches,” Ashraf said.
“Neara’s highly differentiated, physics-enabled digital twin platform is a leap forward in how utilities manage their grids. We look forward to supporting Neara in their growth journey as they work to expand their impact globally.”
Image: Neara
Physics-enabled digital twin technology
Neara’s physics-enabled technology solves both energy constraints of artificial intelligence (AI) compute and data centres, by identifying significant underutilised existing network capacity.
Neara Co-founder and Chief Commercial Officer Jack Curtis said power grids all over the world are reaching their limits under the combined pressure of AI, electrification, and rapidly rising demand.
“Across energy, transport, and communications, systems built for a different era are now being pushed beyond their design assumptions,” Curtis said.
“The world needs faster, more intelligent ways to understand what infrastructure is really capable of and how it behaves in the contexts that matter most.”
Curtis added that Neara grounds every simulation analysis in real-world physics, giving asset owners and operators the confidence to stretch capacity, manage risk, and invest where it matters most for both today’s constraints and the demands of the future.
Image: Neara
Neara is currently partnered with global utilities, including Southern California Edison and CenterPoint Energy, in the United States and in Europe with customers spanning ESB Networks (Ireland), Scottish Power (UK), and Hedno (Greece).
In Australia, Neara works with close to 90% of all network utilities in Australia, including Essential Energy, Endeavour Energy, Ausgrid, Ausnet, Powercor, and SA Power Networks.
Image: Neara
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