Prisma Photonics, the AI-driven startup that monitors large-scale infrastructure announced last week 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.
According to Prisma Photonics, its optical fiber sensing technology offers power transmission operators better ways to manage their grids. The company claims that it allows operators 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."
