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AiDash raises $58.5M Series C to monitor utility assets

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Illustration: Shoshana Gordon/Axios

Private equity firm Lightsmith Group joined a $58.5 million Series C raised by AiDash, a software developer helping utilities keep tabs on their infrastructure assets and monitor for risks like wildfires.

Why it matters: The sizable round drew a diverse array of backers, from electric utilities to conventional venture capital.

The big picture: Impact investor Lightrock led the all-equity round, which closed April 19 after a roughly six-month raise.

  • New investors Duke Energy, Sabanci Ventures, and Marubeni participated, as well as insiders National Grid, Edison International, SE Ventures, G2 Venture Partners, Benhamou Global Ventures, and Shell Ventures.
  • Lightrock partner Ashish Puri joined AiDash's board as a member. Lightsmith managing director Jay Koh was named a board observer.

Flashback: AiDash initially announced in January that it had raised $50 million at a $225 million post-money valuation, per PitchBook.

  • The San Jose, California, company has brought in more than $90 million to date.

How it works: AiDash provides remote monitoring of infrastructure assets using satellites and software.

👀 The company didn't share a timeline for a planned next raise or possible public listing.

  • But between an eventual M&A or IPO, "our plan is to ring the bell, 100%," a spokesperson tells Axios.
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