Swedish startup Arkion raises $4m for AI analytics of power grids
Swedish startup Arkion, formerly known as Skyqraft, has raised $4m for its AI-powered software for overhead power lines inspection.
The power grid AI software developed by Arkion in Stockholm takes grid inspection data such as images, thermal, and lidar data and converts it into insights on the condition and health of power grids ranging from low to high voltage. The platform streamlines access to this data and insights, tailored specifically to the demands of the power grid industry.
The funding round was led by Subvenio Invest, with participation from Neptunia Invest, and Antler and will support Arkion’s growth plans in the energy infrastructure sector. This is increasingly important with the higher demands placed on the grid from AI data centres, especially in Europe.
Arkion says it has has recently signed several key deals in Europe and the US, tripling its revenue, and achieving over 80% AI coverage of faults in distribution grids.
Using AI to protect the energy grid in real time
“Resilient and sustainable grid infrastructure is essential for societies as we charge towards an electrified future,” says CEO Louise Gauffin. “This new funding will enable us to accelerate growth, enhance our product offerings, and expand our services to include critical infrastructure like substations, transforming the way we care for our power grids and building a grid fit for a net-zero future.”
“We are incredibly proud to be part of the continued growth of one of our first portfolio companies in the Nordics. Their work is crucial in facilitating the energy transition by equipping power grids with the insights needed to maintain and expand their infrastructure,” says Oscar Westergård, Partner at Antler.
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