Tech company Prisma Photonics raises $20M from Insight Partners to monitor critical infrastructure at scale while protecting the environment
TEL AVIV, Israel, February 9, 2022 /PRNewswire/ — Prisma Photonicsthe award-winning Israeli startup that monitors large-scale infrastructure, today announced that it has raised $20 million in a Series B round led by New YorkInsight Partners, a global private equity and venture capital firm based in New York, with participation from SE Ventures (the venture capital arm of Schneider Electric) and Future Energy Ventures, the private equity investment platform risk and collaboration of E.ON. The investment will accelerate the company’s growth and support new customers and projects. This round brings the total funding raised by Prisma Photonics to more than $30 million. The company’s first investors are i3 Equity Partners and Chione Switzerland.
Prisma Photonics’ solutions span multiple markets, which share the need to monitor and manage large-scale infrastructure such as power transmission grids, oil and gas transmission pipelines, long-range railways , highways, undersea cables and pipes, etc. Its fiber sensing technology provides safer, secure, efficient and cost-effective operations while protecting the environment by preventing spills, wildfires and other environmental hazards.
Prisma Photonics’ solutions monitor them using pre-existing optical fibers and manage large distances, up to thousands of kilometers, without installing sensors on the infrastructure itself. Events and alerts are reported in real time and with an accuracy of a few meters.
“With the growing demand for energy, utility operators are finding it harder to keep their assets running and safe. It is a challenge to monitor and maintain this long infrastructure,” said Dr. . Eran Inbar, CEO of Prisma Photonics. “Our machine learning-based solutions are unique because we meet this large-scale challenge with ease and precision. This investment is a vote of confidence from Insight Partners and a first of its kind in a new area of critical infrastructure management. .”
“Prisma Photonics solves a critical challenge for utility operators, enabling them to monitor the security and ongoing operations of their infrastructure,” said Ganesh Bell, Managing Director of Insight Partners. “Prisma Photonics’ breakthrough technology is an excellent example of combining deep engineering and artificial intelligence to solve real-world problems with high consequences. Insight is thrilled to partner with Eran and his team on this exciting next step in the company’s growth journey. Ganesh will join the board of directors of Prisma Photonics.
“This investment follows a commercial agreement we signed with Prisma Photonics last year,” said Barbara Frei, EVP Industrial Automation at Schneider Electric. “We see the potential and believe that with these solutions, our customers can drive efficiency and sustainability by avoiding energy and resource waste.”
“Prisma Photonics’ AI-driven Hyper-Scan Fiber-Sensing solution helps improve network safety, security and reliability of large-scale critical infrastructure,” said Ohad Mom, Investment Director at Future Energy Ventures. “We are thrilled to partner with the team to further accelerate E.ON’s digital network vision.”
Prisma Photonics customers manage thousands of miles of infrastructure, including the New York Power Authority, Israel’s natural gas lines, the Israel Electric Corporation, and other Tier 1 utility operators). The company has won numerous awards, including recently the NYPA Smart Innovation Award and red herrings European Top 100 2021.
About Prisma Photonics
Prisma Photonics helps keep the most critical large-scale infrastructure operational with a quantum leap in utility monitoring. Our clients take responsibility for their assets with real-time actionable insights. Featuring an innovative pay-as-you-grow model addressing security and operational scenarios.
Founded in 2017 by a team of experts with a proven track record of building and scaling deep tech businesses
Prisma Photonics enables large-scale response capability.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm that invests in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and raised through a range of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with hands-on, hands-on software expertise to drive long-term success. Across its people and portfolio, Insight fosters a culture around the belief that ScaleUp businesses and growth create opportunity for everyone. For more information about Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Schneider Electric
Schneider’s goal is to empower everyone to make the most of our energy and resources, combining progress and sustainability for all. We call it Life Is On. Our mission is to be your digital partner for sustainability and efficiency. We drive digital transformation by integrating cutting-edge process and energy technologies, endpoint-to-cloud connection products, controls, software and services throughout the lifecycle, enabling integrated management of enterprise, for homes, buildings, data centers, infrastructure and industries. We are the most local of the global companies. We are advocates of open standards and partnership ecosystems who are passionate about our shared values of Meaningful Purpose, Inclusion and Empowerment.
About Future Energy Ventures
Future Energy Ventures is E.ON’s venture capital investment and collaboration platform. It invests in digital and digital-enabled technologies and business models that have the potential to redefine the future energy landscape. Typically focusing on digital, scalable, asset-light companies seeking Series A funding and beyond, Future Energy Ventures seeks to capitalize on the investment opportunities presented by the transition to this new energy future and maximize scaling opportunities for its portfolio. For more information, visit www.fev.vc.
SOURCE Prisma Photonics