AI-powered grid resilience platform Overstory announced that it has raised $43 million in a Series B round, with the new capital aimed at supporting the development of its AI-based risk models to help utilities prevent wildfires.
Founded in 2018, Amsterdam-based Overstory’s platform uses high-resolution satellite data and AI to enable utilities to optimize vegetation management, to help prevent wildfires and reduce outages, pinpointing risk at a tree-by-tree level. The company works with more than 50 investor-owned utilities, cooperatives, and municipalities across North and South America and Europe.
The company said vegetation is the leading cause of outages and wildfires, with demand for more accurate vegetation management growing alongside rising tree mortality, higher labor expenses, and more extreme weather events.
Fiona Spruill, CEO of Overstory, said:
“Utilities are on the front lines of keeping communities safe, and they’re eager to use the best data available. When we talk about how satellites and remote sensing can identify dying trees and wildfire risk, they lean in.”
Alongside the funding news, Overstory launched the latest version of its Wildfire Intelligence product. The update includes a proprietary Fuel Detection Model designed to help utilities identify the parts of their networks where available fuels pose the greatest ignition and spread risk. The company said the tool offers more specific, action-oriented insights than publicly available fire-risk maps commonly used in the sector.
The funding round was led by Blume Equity, with participation from Energy Impact Partners and existing investors including B Capital, Semapa Next, Pale Blue Dot, CapitalT, Convective Capital, Bentley Systems, MCJ and Moxxie Ventures.
Michelle Capiod, Co-Founding Partner at Blume Equity, said:
“The companies that will drive the greatest impact on our planet are those that deliver climate solutions with real economic value. This is exactly the kind of scalable, high impact climate solution we’re proud to support.”
