Image Credit: Neara
As electricity networks face mounting strain from artificial intelligence infrastructure, Neara has closed a Series D round to tackle AI’s soaring energy needs, raising approximately $63 million to expand its digital twin technology globally.
The investment was led by Technology Crossover Ventures LLC, with additional participation from existing investors Partners Group, EQT, Square Peg Capital and Skip Capital. As a result, Neara’s total funding has reached roughly A$180 million. Its valuation has climbed to A$1.1 billion, establishing it as one of Australia’s newest unicorns.
Digital Twin Technology Positioned as Grid Planning Tool
The newly raised capital will be used to accelerate deployment of Neara’s digital twin platform. The company, formally known as LineSoft Pty Ltd., develops physics-based 3D replicas of power grids by combining internet of things sensors with artificial intelligence. Through these models, real-world grid behavior can be simulated under varying stress conditions.
Consequently, utilities are provided with clearer insight into asset performance, structural weaknesses and available capacity. Underutilized infrastructure can be identified. Storm response scenarios can be modeled. Expansion strategies can also be evaluated before investments are committed. Field inspections, which are often costly and time-intensive, can be reduced. Safety risks are likewise minimized because hazardous assessments are conducted digitally.
AI Data Centers Accelerate Urgency for Grid Modernization
The funding round was completed earlier than initially planned. Neara co-founder and Chief Commercial Officer Jack Curtis told The Wall Street Journal that the company had expected to raise capital later in the year. However, electricity demand from AI data centers intensified at a faster pace than anticipated.
As companies including Google LLC, Microsoft Corp., Oracle Corp., OpenAI Group PBC and CoreWeave Inc. continue expanding large-scale AI facilities, power providers are being pressured to deliver unprecedented levels of reliable electricity. In many regions, grids are approaching operational limits.
Curtis said infrastructure built decades ago is now operating under load conditions that were never originally anticipated. Electrification trends and digital expansion have further amplified demand. Therefore, more precise modeling tools are being sought to determine how much capacity truly exists within current systems.
Founded in 2016, Neara has already worked with utilities such as Essential Energy, Powercor Australia, Southern California Edison and CenterPoint Energy Inc. More than 15 million infrastructure assets have been modeled globally through its platform. With fresh funding secured, additional AI engineers are expected to be hired, and international commercial operations are set to expand.
Technology Crossover Ventures General Partner Muz Ashraf described the investment as his firm’s third in Neara. According to Ashraf, grid modernization requires advanced analytical capabilities, and Neara’s physics-enabled digital twin platform is viewed as a significant step forward in utility infrastructure management.
