Melbourne-based IND Technology, which provides early fault detection systems for utilities and power grid operators around the world, has raised $50 million in funding. The money will be used to speed up the rollout of its main technology, which has already helped prevent more than 500 fire incidents globally.
This is IND Technology’s first institutional funding round and was co-led by US energy-focused investors Angeleno Group and Energy Impact Partners. Australian climate-tech investor Virescent Ventures also took part, along with Edison International, one of the world’s largest electric utility holding companies.
“Grid reliability and resilience are among the most critical challenges and opportunities for the energy transition,” says Kristin Vaughan, managing partner of Virescent Ventures.
“Ageing infrastructure, hotter and drier summers, and rising bushfire risk all mean utilities need smarter tools to detect faults before they become costly outages or catastrophic fires events.
“IND Technology has already secured global traction and deep adoption with their proven, homegrown solution preventing fires and improving reliability across major networks in Australia and North America, but the potential is vast.
“This is exactly the kind of innovation needed to underpin the electrification of the global economy. It is smart, proactive, data-driven technology that delivers immediate benefits for communities, utilities, network operators and the broader economy.”
The Australian-built technology can spot early signs of electrical problems in power grids long before they turn into serious faults. This helps prevent power outages, accidents, and bushfires.
Small sensors are installed on power poles placed up to 5 km apart. These sensors pick up radio signals released by electrical parts that are under stress or starting to fail. The system analyses these signals in real time and can pinpoint problems within about 10 metres, allowing maintenance teams to fix issues early instead of waiting for routine inspections.
This technology makes power grids more reliable and resilient, reduces the economic and social damage caused by failures, and lowers maintenance and operating costs.
IND Technology was founded in Melbourne by RMIT Professor Alan Wong after the Black Saturday bushfires. The company has grown quickly and has now sold around 15,000 early fault detection units across six countries.
“For almost a decade, we’ve worked side-by-side with Australian utilities to prove that the EFD system can improve grid resiliency and reduce the risk of bushfires, with eight local pilots showing how valuable this technology can be when it’s deployed at scale,” says Wong, the CEO of IND Technology.
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