Overstory, a climate technology startup utilizing artificial intelligence (AI) to combat wildfires, safeguard biodiversity, and enhance resource management decision-making, has announced a successful Series A financing round, raising $14 million.
The round was spearheaded by B Capital, with participation from The Nature Conservancy and other prominent environmentally-conscious investors. This funding round brings Overstory’s total capital raised to $25 million.
Overstory’s specialized AI seamlessly integrates with existing data and workflows, empowering utility companies to promptly identify areas along their power lines susceptible to wildfires and outages.
The new investment will expedite the expansion of Overstory’s global vegetation intelligence platform, which offers detailed insights into the location, size, health, and species of every tree on Earth. Neglected vegetation management significantly contributes to power outages and catastrophic wildfires.
Overstory’s initial emphasis is on providing electric utility companies with AI-driven visibility, risk assessment, and optimization recommendations for vegetation management using satellite imagery.
In the face of July 2023’s record-breaking heat and devastating wildfires across the globe, Overstory’s mission has become more vital than ever.
“Utility companies are currently grappling with a pressing challenge that combines catastrophic wildfires, extreme weather events, power disruptions, and a changing climate. This has compelled them to adopt a more data-driven approach,” noted Karen Page, General Partner at B Capital. “We are proud to collaborate with the exceptional team at Overstory and support their efforts to harness AI for creating a safer and more resilient grid.”
Founded just over five years ago, Overstory stands at the forefront of AI-based solutions for utility providers. They boast three of the top five utilities in the United States as customers, including PG&E in California, and have a strong presence in Canada, Brazil, and Europe. Overstory’s algorithms have been developed in collaboration with arborists and forestry professionals.
About Overstory:
Overstory, headquartered in Amsterdam, is on a mission to combat the climate crisis by providing detailed insights about the Earth’s vegetation on a tree-level basis. The company is dedicated to technology that mitigates wildfires, safeguards biodiversity, and facilitates informed decision-making regarding natural resources. Overstory has actively monitored approximately 2 million acres in just over five years, protecting $6 billion worth of utility assets.
- Press release
