Overstory Secures $43 Million Series B Funding for AI-Driven Wildfire Prevention and Network Resilience

Overstory, a leader in vegetation intelligence for the utility sector, recently announced it has successfully closed a $43 million Series B funding round. This financial boost was led by Blume Equity, a European venture capital firm specializing in climate technologies, with participation from Energy Impact Partners (EIP) and existing investors, including B Capital and others. The new funds will drive the development of Overstory's AI-based risk models and expand its global reach, enhancing its offerings in wildfire prevention and network resilience.

The pressing need for such innovations stems from the constant challenges faced by utility companies due to extreme weather events and rising operational costs related to vegetation management. Historically, vegetation has been a primary cause of power outages and wildfires. With tree mortality on the rise alongside increased operational demands, utilities are seeking innovative approaches to effectively manage vegetation, enhancing resilience and reliability in power supply.

Overstory employs high-resolution satellite data and artificial intelligence to assist utility companies in identifying vegetation risks on a granular level. This data-driven approach aims to mitigate outages, prevent wildfires, and ensure a safe and reliable electricity supply. As Andy Abranches, Vice President of Wildfire Mitigation at Pacific Gas and Electric Company, stated, "The details are in the data, and this precision allows us to deploy our teams where the fire risk is highest."

Michelle Capiod, co-founding partner at Blume Equity, highlighted Overstory as a prime example of how companies can make a significant impact on the planet by providing economically viable climate solutions. She praised Overstory for transforming satellite data into actionable insights that help utilities prevent climate-related disasters and improve operational efficiency. Such customer-centric approaches, complemented by leadership in AI, enable Overstory to develop cutting-edge yet practical solutions that offer tangible ROI, embodying the scalable and impactful climate solutions that Blume Equity is keen to support.

This funding round marks a critical point in Overstory's growth journey, which spans seven years, serving six of the top ten utility companies in the Americas. The company's team has expanded to over 80 members, representing 16 nationalities and expertise ranging from machine learning and data science to forestry and wildfire management. To further steer the company's next growth phase, Tamara Mendelsohn, a seasoned operator and former CMO of Eventbrite, has been appointed as Chief Operating Officer.

As mentioned by James Sprinz, a principal at EIP, utility companies are at a pivotal juncture, increasingly contending with more extreme weather each year. Overstory addresses this challenge by empowering utilities to take immediate action, leveraging satellite data to pinpoint the exact trees that need trimming, poles that require clearing, or assets that must be replaced.

In addition, Overstory is launching the next generation of its Wildfire Intelligence product, which now incorporates an exclusive fuel detection model. This innovative technology helps utility companies identify the most hazardous areas within their networks, where sparks are likely to ignite wildfires. Unlike public fire risk maps, Overstory’s data-driven tools provide precise recommendations on locations and actions that significantly impact wildfire mitigation.

Fiona Spruill, CEO of Overstory, noted that utilities are on the front lines of keeping communities safe and are eager to utilize the best available data. By explaining how satellites and remote sensing can identify aging trees and wildfire risks, utilities show a strong interest in these advancements. Overstory appreciates the support of its visionary investors in this new chapter, which aims to extend wildfire and storm intelligence products to assist utilities in building a safer and more resilient grid.

Overstory's mission is not only to safeguard communities from power outages and wildfires but to do so in a way that enhances operational sustainability. By accurately identifying high-risk vegetation and assets, Overstory ensures that its partners can allocate resources effectively and optimize their operational spend. Representing an international company headquartered in Boston and Amsterdam, Overstory stands out as a transformative force in enhancing utility resilience across the globe.

About Overstory

Overstory is an AI-driven network resilience platform that changes how utilities protect communities from outages and wildfires. The company harnesses high-resolution satellite imagery and proprietary AI models to provide critical intelligence that helps utilities transition from reactive maintenance to proactive, risk-focused resilience strategies. By pinpointing the most at-risk vegetation and assets, Overstory empowers partners to allocate resources wisely, maximizing the impact of every dollar spent, and building a safer, more reliable, and more resilient network for all.

About Blume Equity

Blume Equity, located in London and Amsterdam, is a European venture capital firm focused on disruptive climate technologies. Blume partners with breakthrough climate tech companies that enhance climate efficiency and resilience. Their team includes growth specialists who provide flexible capital and value creation support to visionary entrepreneurs addressing the climate urgency.

About Energy Impact Partners

Energy Impact Partners LP (EIP) is a global investor in energy innovation. Combining entrepreneurs with pioneering energy and industrial companies, EIP seeks to promote innovation for a better energy future. They specialize in venture capital, growth/private equity, and credit, aiming for attractive, risk-adjusted returns while harnessing their differentiated strategy and industrial ecosystem. EIP manages over $4.5 billion in assets, investing globally from its offices in New York, San Francisco, and beyond.

For more information, visit Overstory.com.