Kristin Vaughan, Managing Partner of Virescent Ventures
Virescent Ventures has announced that it is the Australian partner in an A$50 million funding round for Melbourne-based IND Technology, the leading global provider of 24/7 Early Fault Detection systems to utilities and grid operators around the world.
IND Technology’s Australian-developed, world-leading technology detects the precursors to electrical failures in energy grids long before they lead to faults, preventing power outages, incidents and bushfires. Sensors mounted on poles up to 5km apart capture radio-frequency signals emitted by stressed or failing components. These signals are analysed in real time, locating anomalies to within 10m so that maintenance crews can intervene proactively instead of waiting for the next scheduled inspection. The result is a shift from periodic, reactive inspections to continuous, data-driven prevention. The technology improves reliability and resiliency, reduces the economic and social impacts of grid failures and helps lower maintenance and operating costs.
This marks IND Technology’s first institutional funding round, co-led by US-based energy sector specialists Angeleno Group and Energy Impact Partners, with Virescent Ventures participating and serving as the Australian partner, alongside backing from Edison International, one of the world’s largest electric utility holding companies.
The funding and support will supercharge the expansion of IND Technology and accelerate the deployment of its flagship Early Fault Detection (EFD) system, a proven preventative monitoring solution for electric utilities, which has prevented more than 500 fire events globally[1]. IND Technology will also use the capital to expand its machine-learning engineering team, further enhancing the platform’s ability to interpret complex fault data and deliver actionable insights for utilities.
Founded in Melbourne by RMIT Professor Alan Wong following the Black Saturday Bushfires, IND Technology is growing rapidly with approximately 15,000 early fault detection units now sold across six countries. The company’s proven technology is now used by major utilities including AusNet Services, Powercor, Western Power, Endeavour Energy in Australia, Southern California Edison, PPL Electric and PG&E in the US, and Fortis Alberta and ATCO in Canada, with new installs also underway in Europe.
Kristin Vaughan, Managing Partner of Virescent Ventures, said: “Grid reliability and resilience are among the most critical challenges and opportunities for the energy transition. 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.”
Prof. Alan Wong, CEO of IND Technology, said: “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. What matters most to us is making sure this technology reaches the places where it can make the greatest difference.
“With new partners, including local partners like Virescent Ventures who understand the Australian energy landscape, our focus is now on scaling our delivery, field support and deployments globally. This support is a strong affirmation of the value of homegrown innovation and in Australia’s ability to lead in practical, life-saving engineering. We’re committed to working closely with utilities to embed a prevention-first approach into energy networks and help protect the communities they serve.”
This investment in IND Technology builds on strong momentum for Virescent Ventures’ Fund II, which has now reached over $155 million in commitments after Breakthrough Victoria joined cornerstone investors the CEFC, Westpac and QIC. It also follows Virescent’s recent investments in some of Australia’s leading climate tech companies including Amber Electric, Relectrify and the National Renewable Network.
About Virescent Ventures: Virescent Ventures is Australia’s largest and most active dedicated climate technology investor. Born out of the Clean Energy Innovation Fund under the Clean Energy Finance Corporation (CEFC), since 2016 Virescent Ventures has deployed almost $300 million in more than 40 investments driving the innovations required for the global transition to net zero. Our portfolio spans clean energy, sustainable agriculture, circular economy, and smart cities. We invest from pre-seed to growth stages, with a focus on maximising emissions reduction and commercial outcomes. For more information visit www.virescent.vc.
About IND Technology: IND Technology develops advanced monitoring solutions that enable electric utilities to prevent faults, enhance reliability, and improve the safety of power networks. The company’s proprietary Early Fault Detection (EFD) system uses distributed sensors and patented ML-driven algorithms to detect partial discharge and other early-stage faults on transmission and distribution lines—helping utilities identify and address issues before they cause outages, wildfires, or equipment damage. Founded in 2013 and headquartered in Melbourne, Australia, with offices in the U.S., Canada and Malaysia, IND Technology partners with leading utilities across North America, Australia, and Asia to support a safer, more resilient, and efficient electric grid.
For more information visit https://ind-technology.com.
Appendix: About the challenge and IND Technology’s early-fault detection technology
- According to the Australian Energy Regulator (AER), network costs typically make up around 35-45% of customers’ electricity costs (including the cost of building, maintaining and operating infrastructure that transports energy to homes and businesses).
- A report from Energy Networks Australia highlights that while the proportion bushfires ignited by electricity is relatively low (estimated to be below 3%), once started they have the potential to cause significant damage. Mitigating the vulnerability of networks to damage and fault is therefore essential.
- Electricity networks around the world are facing mounting risks: ageing infrastructure is leading to more faults and outages, and hotter, drier summers are ideal conditions for bushfires. This can lead to disastrous outcomes.
- IND Technology’s premise is simple but powerful: detect the precursors to failure before faults occur. Sensors mounted on poles up to 5km apart capture radio-frequency signals emitted by stressed or failing components. These signals are analysed in real time, locating anomalies to within 10m so that maintenance crews can intervene proactively instead of waiting for the next scheduled inspection.
- The result is a shift from periodic, reactive inspections to continuous, data-driven prevention. IND Technology has solutions for both overhead and underground powerlines, allowing utilities to use a single detection platform across rural bushfire corridors, suburban feeders, and dense urban cables.
- IND Technology has already sold more than 15,000 EFD systems to utility companies. Its expanded product offering includes solutions for low-voltage and underground markets, transmission markets, as well as the capability to integrate solar systems and weather stations for data collection.
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