The Israeli startup developing energy management systems won Qualcomm’s first QPrize. This is the company’s second financing round, which puts its total funds raised to date at $14.5M
Israeli startup Panoramic Power developing energy management systems (EMS), announced today (Sunday) the completion of an $8M financing round. The round was led by Marker Ventures LLC, with participation by returning investors; Greylock Partners, Clal Energy, ICV – Israel Cleantech Ventures and Qualcomm Ventures.
$14.5M raised in two rounds
This is the second financing round of the company after announcing in April of 2011 the completion of a first round investment valued at 4.5 million dollars led by Israel Cleantech Ventures, Greylock Partners, and Clal Energy. The company also won Qualcomm’s first World QPrize. The QPrize competition took place in 2009 and added the chip manufacturing giant to its investors. In addition to the previous round, the company raised a seed round of some $2M: $500K from Israel Electric and the rest from private investors. The total amount of funding invested in the company to date now sits at $14.5M.
Panoramic Power’s technology consists of tiny wireless sensors collecting unique data sets from separate electrical circuits and feeding real-time data analysis back to the company platform located in the cloud. Their biggest advantage is that the sensors are operated by the magnetic field surrounding the wires and they therefore do not require any maintenance, service or battery replacement after installation. Panoramic Power’s solution enables business owners to actually understand their power consumption in a far more transparent way than they ever could before, making it possible for them to optimize electricity usage and conserve resources by changing their energy consuming habits based on the system’s feedback.
Measures the energy consumption of buildings
Panoramic Power was founded in 2009 by David Almagor and Adi Shamir with its offices being located in Kfar Saba, Israel where they employ 21 people. In addition to the development center in Kfar Saba, Panoramic Power has sales and marketing office in Manhattan, New York, where they employ an additional four sales and marketing professionals. Panoramic Power is free about giving out information as to the makeup of their customer portfolio but we do know, at least in Israel, that one of their clients include pharmacy mega-chain Super-Pharm. The money received as a result of the current round of funding will be used to invest in expanding sales operations, marketing, business development, increasing their international customer base and for the acceleration of product development.
“People do not know what’s going on in their building. They get an electricity bill once a month at best, and have no idea what the distribution of power is for each of their devices.” Almagor told me in a recent interview, “Our system is cloud-based and measures the power of consumption in a very detailed manner so that we can inform the customer as to their usage habits – whether they operate 1 or 100 buildings – providing them with the possibility to manage their energy consumption in real time.”