Prosus Ventures, others led $24 M Series B funding raised by AI startup Neara

A $24 million Series B funding round from Prosus Ventures and other investors has been completed for the infrastructure modelling platform Neara, which is based in Australia.

A $10 million capital raise extension and a creative case study to double the capacity of the current renewable energy line were announced by Neara on Wednesday.

Prosus Ventures took part in the round, and Skip Capital and Square Peg Capital, two of Neara’s current investors, also contributed.

This brings Neara’s Series B funding to a total of $24 million.

In addition to further developing the company’s new system of enablement functionality, Neara will reportedly use the new investment to quicken its global expansion.

“Neara’s artificial intelligence (AI) simulation and analytics platform sits at the center of the energy transition to ensure utilities are empowered to make holistic, system-wide decisions,

“Our system of enablement delivers one unified model to resolve critical macro issues, from designing stronger grids to mitigating damage caused by catastrophic weather events, as well as bringing renewable energy online faster using existing network infrastructure,” said Neara Chief Commercial Officer Jack Curtis.

He claims that the investment by Prosus Ventures will hasten the development of Neara’s system of enablement and give key players in the energy transition ecosystem a central platform for making decisions.

It has been noted that Neara will increase its focus on the US and Europe, providing enterprise-grade, 3D network modelling technology that employs AI/ML to seamlessly aggregate utilities’ wide range of data sources into one hyper-realistic digital simulation environment.

“At Prosus Ventures, we focus on driving a positive impact on society and the planet through our investments. We are thrilled to partner with Neara in fast-tracking the world to a cleaner, safer, and electrified future,” said Sachin Bhanot, Head of Southeast Asia (SEA) and Australia and New Zealand (ANZ) Investments, Prosus Ventures.

“We believe in the power of technology to solve the greatest challenges facing us — including action on climate change, affordable access to digital services, and delivery of sustainable products and services,” he said.