eSmart Systems AS
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eSmart Systems AS - overview
Established
2012
Location
-, -, Norway
Primary Industry
Software
About
eSmart Systems AS, located in Halden, Norway, offers advanced digital solutions for critical asset management in the utility sector, enhancing efficiency and safety in operations through innovative technology. Founded in 2012, eSmart Systems AS specializes in digital solutions for utility asset management. The company has raised EUR 30. 00 mn in funding, with the latest round occurring on October 28, 2024, led by TiLT Capital Partners alongside returning investors.
No subsidiaries or major pivots in strategy have been reported. eSmart Systems specializes in advanced digital solutions for critical asset management within the utility sector, with its flagship product being Grid Vision®. This platform allows utilities to perform virtual and predictive asset inspections, enhancing operational efficiency by enabling inspections from remote locations up to eight times faster and more safely than traditional methods. Grid Vision® features a comprehensive image-based digital inventory system, offering a navigable asset library filled with millions of historical datasets and images collected globally over the past decade.
Its primary customers comprise utility companies and energy providers in North America and Europe, who utilize these solutions to improve asset management processes and safety protocols. In 2023, eSmart Systems reported a revenue of EUR 6,130,135. 20 with an EBITDA of EUR -8,216,925. 20.
The company generates revenue primarily through subscription-based models with utility companies, allowing them to leverage Grid Vision® and associated services tailored to specific inspection needs and regulatory requirements. Following its recent funding of EUR 30. 00 mn on October 28, 2024, eSmart Systems plans to utilize this capital to expand its business operations. The company is focusing on the development of new products and enhancing its service offerings.
Specific markets targeted for expansion include North America and Europe, aligning with its existing customer base to further enhance market penetration. The funding will also support the company’s objectives in improving its technology and operational capabilities.
Current Investors
Kongsberg Gruppen, Nysnø Climate Investments, Equinor Ventures
Primary Industry
Software
Sub Industries
Systems Management Software, Analytics & Performance Software
Website
www.esmartsystems.com
Verticals
Artificial Intelligence, Big Data, IoT (Internet of Things)
Company Stage
Series B
Total Amount Raised
Subscriber access only
eSmart Systems AS - timeline of key events
eSmart Systems AS - financials
| Fiscal Year Ended | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | - | 4,565,410 | 10,036,075 | 32,625,350 | 33,832,698 | 48,136,235 | 58,279,629 | 56,923,647 | 60,525,000 | 67,481,000 | - | - | - |
| % Revenue Growth (YoY) | - | - | 119.8% | 225.1% | 3.7% | 42.3% | 21.1% | (2.3%) | 6.3% | 11.5% | - | - | - |
| EBITDA (USD) | (164,954) | 1,022,585 | 3,480,866 | 9,798,860 | 2,971,434 | (24,751,243) | (17,615,614) | (70,475,162) | (53,230,000) | (86,232,000) | - | - | - |
| Operating Income (USD) | (164,954) | 886,782 | 3,042,262 | 9,118,026 | (839,137) | (31,764,673) | (27,267,280) | (84,124,323) | (89,165,000) | (119,171,000) | - | - | - |
| Operating Margin | - | 19.4% | 30.3% | 27.9% | (2.5%) | (66.0%) | (46.8%) | (147.8%) | (147.3%) | (176.6%) | - | - | - |
| % EBITDA Margin | - | 22.4% | 34.7% | 30.0% | 8.8% | (51.4%) | (30.2%) | (123.8%) | (87.9%) | (127.8%) | - | - | - |
| NET Income (USD) | (164,889) | 986,918 | 2,762,684 | 7,325,196 | (3,590,546) | (26,618,349) | (29,321,522) | (85,104,434) | (94,362,000) | (123,209,000) | - | - | - |
| % Net Margin | - | 21.6% | 27.5% | 22.5% | (10.6%) | (55.3%) | (50.3%) | (149.5%) | (155.9%) | (182.6%) | - | - | - |
eSmart Systems AS - employee data
eSmart Systems AS - key contacts
| Name | Position | Start Date | End Date | Vcard | Bio | ||
|---|---|---|---|---|---|---|---|
| Board Member | BM | ||||||
| Board member / Styremedlem | BM | ||||||
| Board member | BM |
BM Board Member
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