#USA #Boston #Blume Equity #Overstory #AI Wildfire

Overstory Secures $43 Million Series B Funding for Enhanced Wildfire Prevention

Overstory, a leader in providing vegetation data for the utility industry, has announced the closure of a $43 million Series B funding round aimed at bolstering its AI-driven wildfire prevention and grid resilience solutions. The funding round was led by Blume Equity, a European growth equity firm specializing in climate technology, with participation from Energy Impact Partners and existing investors like B Capital, Semapa Next, and others.

The funding will enable Overstory to accelerate the development of its risk models based on artificial intelligence, further enhancing its wildfire prevention offerings and facilitating global expansion.

Challenges in Utility Sector

Utilities are increasingly recognizing that vegetation not only poses a significant risk for power outages and wildfires, but it also constitutes a major operational expense. The growing tree mortality rates, escalating labor costs, rising demand, and extreme weather events have compelled utility companies to redefine their vegetation management strategies, enhancing reliability and resilience. Overstory harnesses high-resolution satellite data and advanced AI technology to help utilities pinpoint risks on a tree-by-tree basis, ultimately reducing outages and preventing wildfires while providing a safe and reliable electricity supply.

Andy Abranches, Vice President of Wildfire Mitigation at Pacific Gas and Electric, highlighted that innovation and technology form the backbone of advances in wildfire prevention. “Satellite data, AI, and vegetation management insights from companies like Overstory are changing how utilities approach wildfire prevention. The details embedded in the data enable us to deploy resources where wildfire risks are the greatest.”

A New Era of Vegetation Management

Michelle Capiod, Co-Founder and Managing Partner at Blume Equity, remarked on Overstory's impact, stating, “The companies that will have the greatest impact on our planet will be those who provide climate solutions with real economic value. Overstory exemplifies this by transforming satellite data into actionable insights, preventing climate-related disasters while enhancing operational efficiency. Their customer-focused approach and leadership in AI have allowed them to develop innovative yet practical solutions that yield tangible returns on investment.”

This funding represents a milestone in Overstory’s growth journey, serving six out of the ten largest utility companies in North and South America. Overstory has expanded its team to over 80 employees representing 16 nationalities, with expertise ranging from machine learning and data science to arboriculture and wildfire management. The next phase will be spearheaded by newly appointed Chief Operating Officer, Tamara Mendelsohn, a seasoned entrepreneur and former CMO at Eventbrite, who brings extensive experience in scaling companies from startup to IPO.

Innovative Tools for Wildfire Intelligence

Overstory is making waves by allowing utilities to identify vegetation contributing to outages and potential ignition sources. The company unveiled the next generation of its Wildfire Intelligence product, which now incorporates a proprietary Fuel Detection Model—the first of its kind in the industry. This technology aids utilities in identifying network areas containing the highest risk fuels where sparks are most likely to occur and spread. Unlike commonly used publicly available fire risk maps, Overstory’s AI-driven tools pinpoint exact locations and actions that can effectively mitigate wildfire risks.

Fiona Spruill, CEO of Overstory, emphasized the critical role utilities play in ensuring community safety, stating, “Utilities are keen to leverage the best available data when it comes to using satellites and remote sensing to identify dying trees and wildfire threats. We are thankful to our forward-thinking investors for supporting this next chapter—enhancing our information product with storm data and wildfire risk assessments to assist utilities in building a more resilient and reliable grid.”

About Overstory

Overstory is a pioneering AI-based platform focused on grid stability that fundamentally transforms how utilities protect communities from power outages and wildfires. By utilizing high-resolution satellite imagery and proprietary AI models, Overstory delivers crucial insights needed to shift utilities from reactive maintenance to targeted, risk-based resilience strategies. By accurately identifying high-risk vegetation and infrastructure, Overstory empowers its partners to deploy resources effectively, maximizing the impact of every dollar spent while building a safer, more reliable grid for all. Overstory operates globally, with headquarters in Boston, USA, and a European base in Amsterdam.

About Blume Equity

Blume Equity is a European Growth-Equity firm based in London and Amsterdam, working closely with climate technology scale-ups to increase efficiency and climate resilience. The team at Blume specializes in growth, providing flexible scale-up capital and value creation support for visionary entrepreneurs driving innovation and tackling the climate crisis.

About Energy Impact Partners

Energy Impact Partners LP (EIP) is a global energy investor focused on innovation. EIP connects entrepreneurs with some of the world's most forward-thinking energy and industrial companies to drive innovations for a better energy future. With over 80 corporate partners and more than $4.5 billion in assets under management, EIP invests worldwide, leveraging its differentiated strategy and industry ecosystem to achieve attractive risk-adjusted returns for its investors.