Arkion Secures $4 Million for AI Power Grid Analytics

Swedish startup Arkion, formerly known as Skyqraft, has secured $4 million in funding for its innovative AI-powered software designed for the inspection of overhead power lines. The company, based in Stockholm, has developed a cutting-edge power grid AI software that leverages various types of inspection data, including images, thermal imaging, and lidar data, to provide valuable insights into the condition and health of power grids across a wide range of voltage levels.

The platform created by Arkion streamlines the process of accessing this data and insights, catering specifically to the unique requirements of the power grid industry. The recent funding round was spearheaded by Subvenio Invest, with additional contributions from Neptunia Invest and Antler. This financial support will play a crucial role in Arkion's expansion plans within the energy infrastructure sector, particularly in light of the increasing demands placed on power grids by AI data centers, especially in Europe.

Arkion has reported significant milestones, including the signing of key agreements in both Europe and the United States. These achievements have led to a threefold increase in revenue for the company, with over 80% AI coverage of faults in distribution grids. The utilization of AI technology in real-time grid monitoring is a game-changer for the energy industry, offering enhanced efficiency and reliability in grid maintenance and operation.

CEO Louise Gauffin emphasized the importance of resilient and sustainable grid infrastructure in the transition towards an electrified future. Gauffin stated, "This new funding will enable us to accelerate growth, enhance our product offerings, and expand our services to include critical infrastructure like substations, transforming the way we care for our power grids and building a grid fit for a net-zero future."

Oscar Westergård, a Partner at Antler, expressed pride in supporting the growth of Arkion, highlighting the company's pivotal role in facilitating the energy transition. Westergård noted, "Their work is crucial in equipping power grids with the insights necessary to maintain and expand their infrastructure, ultimately contributing to the advancement of sustainable energy practices."