CNIguard closes investment from Energy Innovation Capital to accelerate deployment of its utility-focused infrastructure monitoring solutions.
Energy Innovation Capital (EIC), a leading Silicon Valley and Houston based venture and growth capital investor, and CNIguard are pleased to have closed a recent investment round.
EIC invests in companies that drive operational efficiency, safety and sustainability in the global oil, gas and power sectors, particularly at the convergence of software, data and industrial internet of things (IoT).
EIC’s Venture Partner – Europe, Ben Stanzl, joins the CNIguard board, where his wealth of experience across industrial IoT and digital technology will bring a valuable perspective.
“I am very impressed by the traction CNIguard has gained with some of the leading utilities in Europe and North America, including ConEdison”, said Ben Stanzl. “It is clear that their infrastructure monitoring products and solutions solve a critical customer need. I’m excited by this opportunity to support CNIguard and its future growth.”
Dr Edward Klinger, CEO and Founder of CNIguard, said: “This investment enables us to accelerate our business plan by focusing on improving our flagship products – Sentir manhole monitoring and GasMarshal gas detection, enhancing durability and delivering new predictive maintenance capabilities. We will also be scaling our channel partnerships to deliver turnkey solutions to our customers.”
He continued, “Our longer-term plan is to establish the business as an enterprise-ready, industry-leading solution provider to utility and infrastructure clients, and recent investments from National Grid Partners and Energy Innovation Capital are helping us do just that.”
Said Ian Cooper, Managing Director and Head of Corporate Venture Capital Europe for National Grid Partners, “We’re delighted to welcome EIC as a new investor in CNIguard, and we look forward to working together to build a world-class provider of industrial IoT solutions to the utility industry.”
CNIguard plans to launch its new OverLine overhead line monitoring product in 2021 with new releases of Sentir SX3.0, S3.0 and GasMarshal in 2022.
About Energy Innovation Capital
Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC’s team leverages its industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what’s possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide culture transformation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and culture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit www.ngpartners.com or follow @ngpartners_ on Twitter.