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24 HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 Noteworthy AI's technology can be placed on top of utility vehicles to geolocate and produce high- resolution digital images of utility poles. PHOTO | CONTRIBUTED data science initiative in Stamford, which offered university resources and office space. "Stamford has a good concentra- tion of machine-learning engineers, which supports our hiring needs," Ricciuti said. Over the past three years, Note- worthy has experienced rapid growth, fueled by its participation in utility industry-sponsored accelerator programs that have provided access to key stakeholders and revenue-gen- erating opportunities. The 15-employee company has participated in accelerators spon- sored by the Electric Power Reach Institute, Dominion Energy, Duke Energy and global clean energy provider EDP. In July 2022, Noteworthy raised $3 million in new funding, with backers including Earthshot Ventures, Tech- stars and Connecticut Innovations, among others. The company is in the midst of a second funding round, but Ricciuti declined to provide details. "We're excited to see Noteworthy AI bring new technology, such as computer vision and artificial intel- ligence, to address pressing chal- lenges across utility networks," said Mike Jackson, managing partner at San Francisco-based venture capital firm Earthshot Ventures, and a member of Noteworthy AI's board of directors. "We see this increasing the safety and reliability of grid opera- tions, while unlocking big new oppor- tunities for their utility customers." Clients today include FirstEnergy, Alabama Power, FPL, Constellation and others across multiple states, including Florida, Alabama, New Jersey and Texas, Ricciuti said. The company is marketing itself directly to utilities as well as to their AT A GLANCE Company: Noteworthy AI Industry: Tech/AI Top Executive: Christopher Ricciuti, CEO HQ: 9 W Broad St., Stamford Website: www.noteworthy.ai Contact: 203-902-5256 service providers, such as engi- neering, vegetation, inspection and other firms, he said. "Mostly, marketing means raising our awareness in the space through industry conferences, thought leader- ship, and other means," Ricciuti said. Growth potential Noteworthy AI could see an addi- tional revenue boost, Ricciuti said, from the 2022 Inflation Reduction Act, which will provide billions of dollars in loans and grants to utilities and other energy providers for clean energy projects, including grid upgrades. Privately held, Noteworthy doesn't disclose revenues or earnings. The company's three- to five-year plan is expansion. While it's prema- ture to consider a detailed exit plan, it could eventually culminate in an IPO or acquisition by one of Noteworthy's larger partners, Riccitui said. There are also opportunities to diversify into other sectors, like telecom, that use utility poles for cable and telephone lines. "Over the next few years, our goal is to become the de facto means of helping large, investor-owned electric utilities in the U.S. better understand the condition of the grid," Riccitui said. "In time, we will expand our offering internationally, as well as to adjacent verticals such as telecom." AI IN CT