Israeli AI-driven large-scale infrastructure monitoring company Prisma Photonics today announced the completion of a $20 million Series C financing round led by Insight Partners, with participation from Elements, SE Ventures, Future Energy Ventures, Chione Switzerland, and INcapital.
The new funds will speed up the company's entry into the global power and renewable energy market while supporting its continued growth. This round brings the total funding raised by Prisma Photonics to over $50 million. The company's earlier investors include Israel Electric Corporation, Israel Natural Gas Lines, and i3 Equity Partners.
Prisma Photonics 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 US and the like. 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.
Prisma Photonics' solutions 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.
Prisma Photonics founder and CEO Dr. Eran Inbar said, "Grid congestion and the integration of renewable sources have become pressing challenges for power market operators such as our Tier-1 customers. Our AI-driven technology not only adds a layer of resilience to the grid but also enables dynamic line rating capabilities, unlocking the full potential of existing infrastructure. This investment led by Insight Partners highlights the urgent need for innovative, scalable solutions in critical infrastructure management."
Prisma Photonics optical fiber sensing technology covers several infrastructure sectors, including power, oil and gas pipelines, subsea infrastructure, railways, highways, and other long-range utilities. It allows operators to increase infrastructure operations' safety, efficiency, and cost-effectiveness while actively supporting utility operators in achieving their net-zero goals.
Published by Globes, Israel business news - en.globes.co.il - on September 12, 2023.
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