AI Startup Neara Raises $45M to Help Utilities Manage Extreme Weather Risks
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Neara uses AI and machine learning to create digital twins of utility networks to assess risks from extreme weather like floods, fires, and storms.
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It has raised $45 million AUD and works with major utility companies like Southern California Edison and SA Power Networks.
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Neara's models can simulate the impact of weather events to help utilities prepare by identifying vulnerable areas and when to turn off/on power.
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It uses LiDAR data and other inputs to train its AI models to capture small but important details with accuracy.
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Neara is developing new capabilities like image recognition to extract more value from utility data and better assess individual assets like poles for risk.