The Israel-based award-wining deep-tech company, Prisma Photonic, announced on Wednesday, February 9, 2022, it had raised a whopping $20 million in a Series B round led by venture capital firm Insight Partners, a New York-based global private equity.
The Series B round also included the participation of SE Ventures (Schneider Electric's venture capital arm) and the venture capital investment in partnership with the collaboration platform of E.ON, Future Energy Ventures. The newly announced investment will boost the company's growth and support for new customers and projects. The round brings Prisma Photonic's total funding to more than $30 Million.
Earlier company's investors include Chione Switzerland and i3 Equity Partners. Being among the revolutionary startups, Prisma Photonic offers a wide range of solutions covering multiple markets sharing the need for managing and monitoring large scale infrastructure such as:
- Oil and gas transmission pipelines
- Power transmission grids
- Long spanning railways
- Subsea cables and pipes
Prisma Photonic's fiber sensing technology offers efficient, safer, secure and low-cost operations while also protecting the environment from spills that can result in wildfires and other catastrophic environmental hazards.
The company's cutting-edge solutions help monitor the above-mentioned environmental hazards using a pre-existing optical fiber while also managing great distances that could be more than 1000km with no sensors installed on the infrastructure. In case of an eventuality, alerts and events are reported within meters of accuracy in real-time.
"With the demand for energy on the rise, utility operators find it harder to keep their assets operating smoothly and safely. It is a challenge to monitor and maintain these long infrastructures," said Dr. Eran Inbar, CEO of Prisma Photonics.
"Our Machine Learning based solutions are unique as we address this huge scale challenge with ease and accuracy. The investment is a vote of confidence from Insight Partners and a first of its kind in a new domain of critical infrastructure management."
"Prisma Photonics is solving a critical challenge for utility operators by allowing them to monitor the safety and ongoing operations of their infrastructures," said Ganesh Bell, Managing Director at Insight Partners.
"Prisma Photonics' breakthrough technology is a great example of combining deep engineering and AI to solve real-world problems of significant consequence. Insight is excited to partner with Eran and the team on this exciting next step in the company's growth journey."
"This investment comes in the footsteps of a commercial agreement we signed with Prisma Photonics last year," said Barbara Frei, EVP Industrial Automation at Schneider Electric.
Frei also added they had seen the potential and believe that with these solutions, their customers can drive efficiency and sustainability through energy and resource loss avoidance.
"Prisma Photonics' AI-driven Hyper-Scan Fiber-Sensing solution helps to improve grid safety, security, and reliability of critical large-scale infrastructures," said Ohad Mamann, Investment Principal at Future Energy Ventures.
"We are pleased to partner with the team to accelerate E.ON's digital grid vision further."
Prisma Photonics customers manage thousands of kilometers of infrastructures, with the company winning multiple awards, including the recent award of the NYPA Smart Innovation and Red Herring's 2021 European Top 100.