Prisma Photonics – a dynamic AI-driven startup that monitors large-scale infrastructure, like power grids – recently announced that it raised about $20 million 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.
This funding round will accelerate the company’s break into the global power and renewable energy market while supporting its continued growth. And this funding 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 provides power transmission operators better ways to manage their grids. And 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. The real-time alerts on electrical faults and extreme weather conditions like 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. The events and alerts are reported in real time and within meters of accuracy.
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. And it allows operators to increase infrastructure operations’ safety, efficiency, and cost-effectiveness while actively supporting utility operators in achieving their net-zero goals.
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“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.”
– Dr. Eran Inbar, CEO of Prisma Photonics
“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. 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.”
– Ganesh Bell, Managing Director at Insight Partners
“In a world grappling with climate imperatives, Elements fund aims to back those at the cutting edge of the energy and climate technologies. 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.”
– Nitsan Alon, Managing Partner at Elements Venture Capital
