Safegrid closes a new funding round to ramp up its operations

“This new funding lets us accelerate our product development, sales, and marketing activities. We have literally dozens of inquiries about our system from all continents and now we have the resources to start ramping up our deliveries to a wider customer base,” said Mr. Jussi Hakunti, the CEO of Safegrid.

Safegrid has raised a 600 thousand-euro funding round from Tesi (Finnish Industry Investment), and private investors Entrada Oy (Olli-Pekka Kallasvuo), UST Invest Oy (Juha Pelkonen) and KBI Klaus Berner Invest Oy (Klaus Berner).

Since raising its seed funding round in late 2019, Safegrid has successfully commercialized its Intelligent Grid System™ solution, which is currently being deployed by more than ten customers in Finland and abroad. Safegrid’s Intelligent Grid System helps locate, predict, and prevent grid faults and improves grid performance with instant-on wireless sensors and cloud-based monitoring and analytics powered by AI and machine learning. Intelligent Grid System features the fastest and least intrusive deployment, instant wireless connectivity, and the best ROI in the industry.

The leading-edge technology and design of Intelligent Grid System offer users several game-changing advantages, including up to 100 times more precise fault location finding, orders of magnitude faster deployment, and a total cost of ownership (TCO) far below traditional fault detection solutions.

The system consists of:

  • Inexpensive and easy-to-install wireless sensors that provide an unprecedented level of visibility into the grid. The low cost and fast installation make the sensors the most cost-efficient grid monitoring system available on the market.
  • Cloud-based analytics and monitoring software that gives both the big picture about the grid’s performance as well as instant actionable alerts about grid faults. Both web-based and app user interfaces are available.

Safegrid gives utilities and grid operators full 24/7 visibility into the grid and lets them locate faults faster and more accurately than before and also predicts faults and do timely predictive maintenance that improves grid performance and increases equipment service life. When fault locations are known, the crews can get to work faster, decreasing both costs and downtime.

The resulting fast FLISR and minimized SAIDI and SAIFI improve customer satisfaction and operational economics. Mr. Jussi Hakunti, the CEO of Safegrid says: “The response to the introduction of IGS from utilities and experts alike has been tremendous and we are excited about the possibilities opened by the new funding round.”

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