Edinburgh-based Continuum Industries has raised $10m in a Series A round led by Singular.
Previous investors Credo, Playfair, Techstart Ventures, and angels including executives from UiPath, Skyscanner and SSE also participated in the round.
The money will be used to double headcount of the energy infrastructure tech firm and expand into new territories over the next 12 months. It brings the company’s total funding to date to $15.5m.
Continuum leverages artificial intelligence (AI) to help energy infrastructure developers complete work that used to take 12 months in as little as eight weeks, while minimising impact on the environment and communities.
Co-founder and chief executive Grzegorz Marecki explained: “If we are going to deliver the energy transition required in time to meet global climate goals, we need to completely rethink worldwide energy infrastructure – transforming what we have, but also building considerably more, and doing so at an unprecedented pace.
“The best way to do that is to work smarter, not harder – so automated infrastructure planning processes, such as those that we provide, have a big part to play.”
Continuum’s AI-powered network and linear infrastructure development platform Optioneer lets power, utility and renewables companies visualise, analyse and assess routing options for power lines, onshore and offshore cables and pipelines for hydrogen, water and CO2.
Founded in 2018, the business now supports customers in the UK, the Netherlands, Spain, Italy and the US – including National Grid, SSEN Transmission, National Gas Transmission, Fred. Olsen Seawind and Iberdrola Group – with the assessment of thousands of kilometres of assets across large-scale projects.
The latest funding should power growth in Europe and the US, while building the engineering and product teams to facilitate the creation of new functionality to support developers across more project stages.
Marecki added: “Having set out to raise a round in challenging economic conditions, we’re pleased to have found new investors in the shape of Singular – alongside our previous backers – who didn’t just see the potential of our technology, but the urgent need to diverge from traditional approaches to transform the sector, and showed a real hunger to support that change.”
Henri Tilloy, partner at Singular, said: “Infrastructure is a vital, but under-discussed, aspect of the energy transition.
“Without robust, future-fit infrastructure to transport the growing amount of energy and utilities we need – especially as renewables come online in larger and larger volumes – all the innovation that goes into new generation and storage solutions will be wasted.”