Pano AI, a San Francisco, CA-based company specializing in active wildfire detection using artificial intelligence, has raised $17 million in a growth funding round led by Valor Equity Partners.
New investors in the round include Salesforce Ventures, T-Mobile Ventures, and the 5G Open Innovation Lab, along with continued support from existing investors, bringing Pano AI's total funding to $45 million.
The funding will be used to further advance Pano AI's AI-based active wildfire detection solution, improving fire agencies' response capabilities and preventing catastrophic wildfires. It will also support talent acquisition and market expansion across high-fire-risk areas in North America and Australia.
Pano AI offers a fully managed solution that integrates mountaintop cameras, satellite feeds, artificial intelligence, 5G connectivity, and cloud software to detect and pinpoint new wildfire ignitions.
By providing actionable intelligence to fire professionals within minutes, Pano AI helps first responders to rapidly and safely respond to wildfires, preventing them from spreading.
Sonia Kastner, the CEO, and founder of Pano AI, emphasized the significance of this funding, stating: “The world has seen increasingly severe and frequent wildfires and other natural disasters in recent years. Even in an economic downturn, we must act rapidly to cope with these escalating effects of climate change. This incremental capital signifies our emerging market leadership and growing commercial traction and emphasizes the urgent need for innovative technologies that focus on climate adaptation. Today marks a significant milestone for all of us at Pano AI, and we wouldn’t be where we are without the support of our investors, team members, and trailblazing customers. The funding will allow us to accelerate the expansion of our solution across the globe and also our investment in R&D so that we can continue to enhance our product offering to deliver more powerful tools for emergency managers.”
Pano AI has expanded its executive team, bringing in leaders in computer vision and artificial intelligence. Currently operating in six states in the United States and two Australian states, Pano AI actively monitors a total area of 6.05 million acres for wildfires.
Notable customers of Pano AI include PacifiCorp, Xcel Energy, Portland General Electric, Big Sky Fire Department, and various entities in Australia, such as the Forestry Corporation of NSW and Southern Cross Forests.
Company: Pano AI, Inc.
Raised: $17.0M
Round: Growth Round
Funding Month: July 2023
Lead Investors: Valor Equity Partners
Additional Investors: Salesforce Ventures, T-Mobile Ventures, and the 5G Open Innovation Lab
Company Website: https://www.pano.ai/
Software Category: Wildfire Detection Solution
About the Company: Pano AI is a company that offers a fully integrated solution for active wildfire detection using artificial intelligence to help fire authorities identify and extinguish new ignitions before they become a threat. Harnessing the latest developments in cameras, 5G connectivity, artificial intelligence, and cloud-based software, Pano AI provides fire agencies with real-time actionable intelligence and situational awareness to coordinate an informed rapid response to wildfires before they escalate, safeguarding lives, communities, and the environment. Pano AI is actively present in six states within the United States: California, Colorado, Oregon, Washington, Idaho, and Montana. Additionally, the company operates in two Australian states: New South Wales and Queensland.
Source: https://www.globenewswire.com/news-release/2023/07/10/2701998/0/en/Pano-AI-the-leader-in-wildfire-detection-technology-raises-17M-in-growth-capital-and-expands-executive-team-including-top-leadership-in-Artificial-Intelligence.html