Energy management systems co Panoramic Power raises $8m [Globes, Tel Aviv, Israel]
(Globes (Tel Aviv) Via Acquire Media NewsEdge) Oct. 20--Panoramic Power Ltd., a developer of energy management systems to reduce energy consumption and operating costs in commercial buildings in real time, has raised $8 million in its second financing round. New York-based Marker LLC led the round, and was joined by current investors Greylock Partners, Israel Cleantech Ventures Funds, Clal Energy Ltd., and Qualcomm Ventures.
Panoramic Power, founded by chairman Dr. David Almagor and COO/CTO Adi Shamir in 2009, provides a highly detailed cloud-based energy management solution that applies big data analytics to locate points of over consumption and predict breakdowns. The advanced technology is a breakthrough in power management at large enterprises.
The technology integrates specialized miniature wireless sensors to gather data from separate electrical circuits, and send the data in real time to a cloud-based analytics platform. Once installed, the sensors, which are powered by the magnetic field surrounded electrical wires, do not require maintenance, service, or battery placement. The solution enables a wide range of businesses to understand their power consumption, in order to optimize operations, processes, and maintenance resources.
Panoramic Power will use the financing to expand its sales, marketing, and business development efforts to drive partnerships, awareness and new customers. The funds will also be used to accelerate product development in order to keep up with rising customer demand.
"We are very excited to continue working with our existing investors and welcome the opportunity to work with Marker LLC as we aggressively expand operations and build on our success in a growing market," said Panoramic Power CEO Yaniv Vardi. "This additional funding is a great vote of confidence in Panoramic Power's vision of how companies can leverage their energy usage as a strategic business asset and improve profitability and operational efficiency with our set of services."
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