Tel Aviv-based electric grid technology firm poised to focus growth on US market with hires and Austin-based offices.
TEL AVIV, Israel, Sept. 14, 2023 /PRNewswire/ -- Prisma Photonics, the dynamic, AI-driven startup that monitors large-scale infrastructure, such as power grids, announced today that it raised approximately $20M in a Series C round led by New York-based global private equity and venture capital firm 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.
The investment will accelerate the company's break 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 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.
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.
"Grid congestion and the integration of renewable sources have become pressing challenges for power market operators such as our Tier-1 customers," states Dr. Eran Inbar, CEO of Prisma Photonics. "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."
"In a rapidly accelerating power and energy sector, we see both the market necessity and vast potential for Prisma Photonics' solutions. Their unique blend of AI and engineering expertise addresses some of the most urgent challenges facing power operators today and their AI application can help solve consequential problems in infrastructure," said Ganesh Bell, Managing Director at Insight Partners. "It's a high-growth space, and doubling down on our investment in Prisma Photonics is not just strategic but imperative. We're thrilled to back Eran and his team as they redefine the future of energy infrastructure management."
"In a world grappling with climate imperatives, Elements fund aims to back those at the cutting edge of the energy and climate technologies.", says Nitsan Alon, Managing Partner at Elements Venture Capital. "Our investment in Prisma Photonics is more than financial. It's a testament to our belief in their capability to impact the industry significantly, and we are proud to have them as our first major investment."
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.
About Prisma Photonics
Prisma Photonics revolutionizes infrastructure monitoring by using optical fibers to monitor critical large-scale infrastructure like power grids and oil & gas pipelines for thousands of kilometers, eliminating the need for sensors.
Combining Hyper-Scan Fiber-Sensing™ technology with machine learning allows utility operators to reach environmental and renewable energy goals while keeping operational excellence in their journey to net-zero emissions.
Founded in 2017 by an expert team with a proven track record of building and scaling companies in the deep-tech domain
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.
About Elements Fund
Elements is a leading Venture Capital fund, with a primary focus on startups that are driving ground-breaking solutions to combat climate change. Our mission is to support and nurture companies at the forefront of climate technology, particularly in the energy sector. Through our own network we hope to assist portfolio companies in scaling globally.
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