Israeli energy start-up Panoramic Power Ltd. is one of four companies finalists the Qualcomm Inc. (Nasdaq: QCOM) Qualcomm Ventures' QPrize international business plan competition. As a finalist, it will receive $100,000 to grow its business.
Panoramic Power is the finalist from Europe/Israel; the other finalists are from China, India and North America. The four finalists will compete for the $150,000 Grand Prize, which will held at Qualcomm Ventures' CEO Summit, November 3, 2009 in San Diego.
Panoramic Power has developed a family of wireless sensor products that give enterprise customers the ability to deploy Smart Grid technologies within their existing facilities. The company's sensors accurately measure power consumption at the individual circuit level and are designed to be small, non-obtrusive and maintenance free.
Founded just six months ago, Panoramic Power has six employees, so the award money is not small change. The company is currently seeking to raise $1 million in a financing round, and the Qprize award will encourage investors.
Panoramic Power founder, chairman and CEO Dr. David Almagor said, "The enterprise electricity grid cannot now be managed. There's a huge vacuum here, which is unreasonable."
The Chinese finalist is Cootek, the Indian finalist is Capillary Technologies, and the North American finalist is txt.eagle.
Qualcomm Ventures manages $500 million, and officially began activity in Israel a few months ago, and appointed a person to locate suitable companies for investment. It has invested in modu, which uses Qualcomm components in its next-generation mobile telephones.
Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2009
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