Panoramic Power Ltd. has raised $4.5 million. Israel Cleantech Ventures Funds and Greylock Partners led the round, and were joined by Nochi Dankner's Clal Energy Ltd., and current investors Qualcomm Ventures' QPrize, Israel Electric Corporation (IEC) (TASE: ELEC.B22) through it Karat program, and Alexander Schneider. Panoramic Power is developing a cloud-hosted, real-time energy monitoring platform.
Panoramic Power CEO Dr. David Almagor said, "This investment will allow us to accelerate our development, production, and business development efforts. It empowers us to deliver a low cost, non-intrusive and scalable real-time monitoring solution that will provide a fast return on investment for our customers. We will introduce a breakthrough approach to the energy management market."
Panoramic Power CTO Adi Shamir, said, "Our cloud-hosted service utilizes sophisticated data mining and analytics that can uncover hidden inefficiencies, identify problems and highlight money saving opportunities."
The company has raised $6 million since Almagor and Shamir founded it mid-2009.
Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2011
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