#USA #AI Technology #Amsterdam #Wildfire Prevention #Overstory

Overstory Closes $43 Million Series B Funding

Overstory, a pioneer in vegetation intelligence for utility companies, has recently announced it has raised $43 million in a Series B funding round. The funding, which was led by Blume Equity along with participation from Energy Impact Partners and other investors, aims to further develop innovative wildfire prevention strategies and enhance resilience within utility networks. This funding marks a significant step forward for Overstory as it seeks to expand its global footprint and improve its AI-based risk modeling capabilities.

The utility sector faces significant challenges as vegetation is often a primary cause of power outages and wildfires. With increasing tree mortality, labor costs, and unpredictable weather patterns, companies are compelled to revolutionize their vegetation management strategies. Overstory employs high-resolution satellite data and AI technology to help these companies identify and evaluate risks on a granular level, thereby preventing outages and mitigating fire hazards effectively.

Andy Abranches, Vice President of Wildfire Mitigation at Pacific Gas and Electric Company, stated, "Innovation and technology have become cornerstones for advancement in wildfire prevention. Tools like satellite data and AI enable utility companies to approach wildfire prevention proactively. The precision obtained from these data sources allows us to deploy our teams where the risk of fire is highest."

The new funding will also support Overstory in rolling out its next generation of Wildfire Intelligence. This new offering utilizes a proprietary Fuel Detection Model, which dynamically assesses the risk of wildfires, aiding utility companies in pinpointing areas that need urgent attention. Unlike conventional fire risk maps commonly used today, Overstory’s AI-driven tools provide actionable recommendations to enhance wildfire mitigation efforts.

Michelle Capiod, co-founder of Blume Equity, remarked, “Companies that are poised to make the biggest positive impact on our planet are those offering climate solutions with tangible economic value. Overstory exemplifies this by transforming satellite data into actionable insights, enabling utility companies to prevent climate-related disasters while also improving operational efficiency.”

As the company has seen steady growth over the past seven years, it now serves six of the ten largest utility companies in North America. The company’s personnel has expanded to over 80 employees, representing 16 nationalities, with expertise ranging from machine learning and data science to arboriculture and wildfire management. Tamara Mendelsohn has been appointed as the new Chief Operating Officer to steer Overstory into its next growth phase. Mendelsohn, formerly the marketing director for Eventbrite, brings extensive experience in scaling businesses from inception to IPO.

James Sprinz, director at Energy Impact Partners, highlighted, “Utility companies are at a critical juncture, facing increasingly extreme weather events each year. Overstory’s solutions are immediate, interpreting satellite data to identify the specific trees that require trimming or the poles that need clearance.”

With the aim to transform how utilities protect their operations and communities, Overstory’s latest efforts underscore its commitment to preventing catastrophic wildfires before they can escalate. The company has built a solid reputation for helping utility firms detect vegetation that may spark outages or wildfires. Today, Overstory is launching an upgraded version of its Wildfire Intelligence product, further backed by their industry-leading Fuel Detection Model. This new technology helps identify the most hazardous areas within a utility's network where ignitions are more likely to occur.

Fiona Spruill, CEO of Overstory, conveyed her gratitude to visionary investors aiding this crucial expansion: “Utility companies are on the frontline of community safety and are eager to leverage the best available information. When it comes to how satellites and remote sensing can identify dying trees and assess wildfire risk, they are keen to implement these insights.”

For further details and insights about Overstory's initiatives, visit overstory.com.

About Overstory

Overstory is an AI-driven network resilience platform that revolutionizes how utility companies safeguard communities from outages and wildfires. By leveraging high-resolution satellite imagery combined with proprietary AI models, Overstory delivers critical intelligence that empowers utilities to transition from reactive maintenance strategies to a risk-based resilience approach. By identifying high-risk vegetation and assets, Overstory enables partners to direct resources accurately, maximize the impact of every dollar spent, and build a safer, more reliable grid.

About Blume Equity

Blume Equity is a European growth capital firm based in London and Amsterdam, focusing on climate technology startups that enhance efficiency and climate resilience. The Blume team specializes in growth capital, providing flexible funding and value creation support for forward-thinking entrepreneurs addressing the climate emergency.