Shoreline AS, a data analytics and simulation software company focused on the energy industry, has secured growth equity funding from a group of international venture capital funds, including US-based Blue Bear Capital LLC and leading Nordic investors Alliance Venture AS and Investinor AS. Shoreline has already achieved a strong position in the offshore wind market, providing software-as-a-service (“SaaS”) to many of the largest offshore wind developers, operators, and supply chain partners. The company will use this new investment capital to further develop its simulation software and machine learning capabilities, and also expand into additional energy markets such as onshore wind and hydro, where Shoreline has demonstrated initial traction.
Shoreline’s solutions are based on internally developed simulation and optimization algorithms that streamline how operators, project developers, equipment manufacturers and service providers work to develop and construct new projects and manage existing assets.
“After almost two years of operations and with several major international players as customers, it was natural to take the company to the next level and speed up development,” says Ole-Erik Vestøl Endrerud, CEO of Shoreline AS. “We aim to serve a growing market demand and continue to improve the capacity and functionality of our software as we move into new markets. In the early summer, work began to assess different capitalization options and it became clear that we wanted experienced international investors in the shareholder base to help support this growth.”
With Blue Bear Capital, Alliance Venture and Investinor as shareholders, Shoreline has established a strong financial and strategic platform for further development of the product platform and markets.
Ernst T. Sack of Blue Bear Capital Partners states: “Shoreline combines a differentiated software solution with a strong commercial management team, in some of the fastest growing markets in the energy industry. And the company has proven they can execute. We are excited to partner with Shoreline to help their customers build better projects, faster, with lower risk and higher uptime.”
Managing partner in Alliance Venture, Jan-Erik Hareid adds: “We are really impressed with the team, as well as the growth and progress in Shoreline over the last two years. We are excited about the future potential based on the unique position Shoreline has taken in the rapidly growing offshore wind market.”
“Shoreline is a very exciting company with unique technology and a strong team. Investinor’s mandate implies that we always partner with other investors and thus act as a spearhead for private capital aiming to invest in the venture market. We look forward to working with Blue Bear Capital and Alliance Venture and we are confident that the new shareholders will be important contributors to further development,” says Jan Morten Ertsaas.
For more information:
Ole-Erik Vestøl Endrerud, CEO, Shoreline AS
Phone: +47 47378157
Email: endrerud@shoreline.no
About Shoreline AS:
Shoreline AS is a B2B enterprise SaaS software company, which today sells its products MAINTSYS™, SIMSTALL™ and Planner as subscription service to energy industries. The products can be used to plan, optimize and analyze the development, construction and operation of energy production facilities. These products are based on internally developed and proprietary simulation and optimization algorithms. Shoreline AS is currently established or represented in Stavanger, Esbjerg, Hamburg, Seoul and Palo Alto.
About Blue Bear Capital LLC:
Blue Bear Capital LLC is a venture capital fund investing in digital technologies for the global energy industry. The firm backs companies taking proven technology concepts like machine learning, industrial IoT, and cyber security, and applying them in large energy markets including oil and gas, wind, solar, and energy storage. Blue Bear has offices in California, Texas, and the UK.
About Alliance Venture AS:
Alliance Venture is a Norwegian venture capital firm with offices in Oslo and Silicon Valley, investing in early stage technology companies, with a focus on SaaS. (Total capital under management is 850 MNOK (about € 100 million).)
About Investinor AS:
Investinor is an evergreen venture capital fund wholly owned by the Norwegian government. Investinor manages NOK 4.2 billion (MEUR 470), and has approximately 45 portfolio companies. One of Investinor’s ambitions is to be the preferred gateway to Norway for leading international investors.
