Shoreline, the Norway-based startup that has built an intelligent field operations and project development platform to help accelerate profitable wind projects from design through construction and operations with intelligent planning and simulation, has raised $4 million in Series A funding.
Leading the round is UK-based venture capital firm Ingenious, with participation from existing investors Blue Bear Capital, Alliance Venture and Investinor, which backed the company’s earlier seed round.
Already used on wind projects globally by some of the largest players in the industry, the Shoreline software creates a “digital twin” of all the workflows, resources and assets which can be used in a powerful combination of simulation models and schedule optimization to analyze numerous complex field service, supply chain and project scenarios to find the optimal solution for these high value projects. Combined with a state-of-the-art field service platform, Shoreline also offers an integrated solution with scenario analysis, resource management, reporting, planning and construction management with intelligent optimization and automation of workflows.
This investment will allow Shoreline to capitalize on the rapid growth in the renewables market which it believes has resulted in larger and more expensive projects. Simultaneously, it will help Shoreline to service the existing wind farms and assets that require service providers, project developers, OEMs and operators to look for new and more advanced ways to plan and execute projects and daily operations.
Ole-Erik V. Endrerud, Founder and CEO at Shoreline, said: “Software is already a central tool in any organization that constructs and operates large renewable projects, but we have seen an incredible push from the industry as a whole towards new solutions that can help automate workflows and assist technicians and planners optimize schedules in seconds, in a user friendly and enterprise ready package.”
Guy Ranawake, Senior Investment Director at Ingenious, commented: “There has been rapid growth in renewables generation which we expect to continue as we transition toward a net zero world by 2050. Shoreline’s development platform which covers design, construction through to operation will allow clients to improve efficiency, consistently helping projects to meet both cost and time targets. We are very happy to support Shoreline and look forward to seeing the growth of the company which aligns strongly with our investment strategy and renewable energy infrastructure sector focus.”