Prisma Photonics, a Tel Aviv, Israel-based AI-driven startup that monitors large-scale infrastructure, raised approx. $20M in Series C funding.
The round, which brought the total amount to $50M, was led by Insight Partners, with participation from Elements, a Climatech fund, SE Ventures (Schneider Electric’s venture capital arm), Future Energy Ventures (the venture capital investment and collaboration platform of E.ON), Chione Switzerland, and INcapital. Earlier investors included Israel Electric Corporation, Israel Natural Gas Lines, and i3 Equity Partners.
The company intends to use the funds to accelerate its entry into the global power and renewable energy market while supporting its continued growth.
Led by CEO Eran Inbar, Prisma Photonics provides solutions that monitor infrastructure using the existing optical fibers covering great distances, of up to thousands of kilometers, without the need to install any sensors on the infrastructure itself. Events and alerts are reported in real time and within meters of accuracy. Doing that, operators respond to new emerging regulations such as FERC order 881 in the U.S. and similar. Real-time alerts on electrical faults and extreme weather conditions such as wildfires and icing offer better ways to retain grid resiliency in changing environments.
Its optical fiber sensing technology offers power transmission operators better ways to manage their grids. It allows them to maximize the electrical capacity of the current grid to increase the integration of renewable energy sources. Doing that, operators respond to new emerging regulations such as FERC order 881 in the U.S. and similar. Real-time alerts on electrical faults and extreme weather conditions such as wildfires and icing offer better ways to retain grid resiliency in changing environments.
The company’s optical fiber sensing technology covers several infrastructure sectors, including power, oil and gas pipelines, subsea infrastructure, railways, highways, and other long-range utilities.
FinSMEs
13/09/2023