Overstory, a startup specializing in satellite image analysis and forest cover tracking, has secured $14 million in Series A funding. Led by B Capital and with participation from The Nature Conservancy, the investment will be used to further develop Overstory’s AI technology and help utilities across North America reduce their risk of wildfires.
Key Takeaway
Overstory has raised
4 million in Series A funding to help utilities reduce their wildfire risk. The company’s AI technology utilizes satellite imagery analysis to identify trees that pose a threat to power lines. With most of its customers in North America, Overstory aims to provide a viable solution to address the growing concern of wildfires caused by utility equipment.
The Growing Concern of Wildfire Risk
Following a series of deadly wildfires caused by downed power lines and faulty equipment owned by electric companies, the issue of wildfire risk has come into sharp focus. While California and Hawaii have experienced the devastating consequences, the concern extends beyond these regions. Any area with a history of strong fire regimes and ecosystems threatened by climate change faces a growing risk of catastrophic fires.
From Deforestation Monitoring to Utility Solutions
Overstory’s journey began three years ago when a utility in Europe approached the company for assistance. Initially focused on monitoring deforestation in the Amazon, Overstory realized its expertise in analyzing satellite imagery and tracking forest cover could be applied to help utilities tackle their tree-related challenges. Recognizing the urgent need to address wildfire risk, the company redirected its efforts to serve the utility market, with 90% of its customers now located in North America.
Addressing the Utility Market’s Concerns
Utilities in North America have become increasingly concerned about the potential financial and legal ramifications of wildfires. The bankruptcy and manslaughter charges faced by PG&E following the devastating Camp Fire in Paradise, California, have further heightened this anxiety. Overstory’s AI technology offers a solution to utilities, enabling them to identify and manage trees that pose a risk to power lines, thereby minimizing the potential for future wildfires.
