Australian infrastructure technology firm Neara has raised AUD 90 million in a Series D funding round to scale its physics-enabled digital twin platform, as global power grids face mounting pressure from artificial intelligence (AI), electrification and ageing infrastructure.

The round was led by growth equity firm TCV, with participation from returning investors Partners Group, EQT, Square Peg Capital and Skip Capital.

The raise follows Neara’s AUD 45 million Series C in late 2024, bringing total funding to approximately AUD 180 million. The company said the new capital will support product development and international expansion, with a focus on accelerating access to energy infrastructure.

Digital twins for constrained energy grids

Neara develops physics-enabled digital twins that model how physical infrastructure behaves under real-world conditions. Its technology is used by utilities to identify underutilised network capacity, accelerate grid connections and improve resilience as demand surges.

Global electricity consumption from data centres is projected to more than double by 2030, driven largely by AI workloads, according to industry forecasts cited by the company. Neara said this growth is intensifying existing constraints in power grids originally designed for lower and more predictable demand.

“Power grids all over the world are reaching their limits under the combined pressure of AI, electrification, and rapidly rising demand,” said Jack Curtis, co-founder and chief commercial officer at Neara.

“The world needs faster, more intelligent ways to understand what infrastructure is really capable of.”

Curtis said Neara’s physics-based simulations allow asset owners to safely stretch capacity, manage risk and prioritise investment as infrastructure approaches its physical limits.

Utilities across four continents

Neara said its platform is currently used to model more than 15 million infrastructure assets spanning over 3 million kilometres across four continents.

In the United States, the company works with utilities including Southern California Edison and CenterPoint Energy. Its European customers include ESB Networks, Scottish Power and Hedno.

In Australia, Neara said it works with close to 90 per cent of electricity network utilities, including Essential Energy, Endeavour Energy, Ausgrid, AusNet, Powercor and SA Power Networks.

According to the company, utilities using its platform have brought new infrastructure online up to 85 per cent faster, while delivering eight- and nine-figure cost savings by consolidating workflows such as planning, design and vegetation management.