ESG Tools, Services/ Private Equity
Climate tech startup Overstory announced that it has raised $14 million, with proceeds aimed at helping the company develop its AI-based product to reduce the risk of wildfires and power outages.
Founded in 2018, Amsterdam-based Overstory offers predictive AI-based technology for utilities that provides tree-level insights about vegetation, to help mitigate wildfires, protect biodiversity, and enable informed decision making about natural resources. The company’s solutions enable optimized vegetation management, using machine learning to interpret satellite imagery around utilities’ transmission and distribution corridors. Overstory’s customers include three of the top five U.S. utilities, as well as utilities in Canada, Brazil and Europe.
According to the company, the new investment will accelerate Overstory’s development of its platform providing electric utilities with visibility, risk analysis, and optimization recommendations for vegetation management through the application of AI to satellite imagery.
Indra den Bakker, CEO and Co-founder of Overstory, said:
“Because the specialized AI that we developed integrates with existing data and workflows, our utility customers can immediately spot the areas along their power lines where there are risks of wildfires and outages. We are grateful for the partnership with our investors and look forward to furthering our mission to combat the climate crisis.”
The series A funding round was led by venture investor B Capital, with participation from investors including global environmental nonprofit The Nature Conservancy.
Karen Page, General Partner at B Capital, said:
“Utility companies now have an acute problem with the confluence of catastrophic wildfires, extreme weather, power outages and a changing climate. This has forced these providers to adjust the way they work and ultimately take a more data-driven approach. We are proud to partner with the incredible team at Overstory and support their work to leverage AI and create a safer, more reliable grid.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.