Israel Electric Corporation Announces Follow-Up Series C Investment in Prisma Photonics, Previously Announced at $20 Million

The two Israeli companies continue their strategic partnership to monitor the country’s power transmission system using PrismaPower™

TEL AVIV, Israel, December 20, 2023 /PRNewswire/ — Israel Electricity Corporation (IEC), Israel’s electricity utility, will join Prisma Photonics’ Series C funding round. This follows a previous investment in April 2022. The two companies have been in partnership since early 2021. Prisma Photonics is currently using its fiber optic sensor technology to monitor over 1,000 km (more than 620 miles) of the IEC transmission network , detecting electrical failures, damage to electrical towers and transmission lines, and weather conditions in 20% of of Israel national network.

“IEC remains a valued customer and strategic investor, as evidenced by their participation in our latest funding round,” said Dr. Eran Inbar, CEO of Prisma Photonics. “Although our technical partnership spans several years, this second investment underscores their commitment to driving innovation in the of Israel energy industry as they delve deeper into grid resilience to support their renewable energy projects.”

“Prisma Photonics’ transformative paradigm in critical infrastructure monitoring aligns with our innovation goals – IEC is committed to becoming a global leader in modern energy operations through continuous adoption of cutting-edge technologies. Our second investment signifies our commitment to safety, network integrity and environmental responsibility. This continued collaboration will better optimize our grid to integrate renewable energy using advanced technologies to ultimately achieve net zero emissions,” adds Amir Livnesenior vice president of strategy and innovation at Israel Electric Corporation.

PrismaPower™ offers an innovative solution for monitoring electrical overhead power lines using fiber optic technology to convert existing infrastructure into responsive sensors. This innovation facilitates real-time detection and location tracking of potential problems, eliminating the requirement for additional sensors. Prisma Photonics’ fiber optic monitoring technology spans a variety of infrastructure sectors, such as power, oil and gas pipelines, and other advanced utilities. The technology improves the safety, efficiency and profitability of infrastructure operations while actively supporting utility operators in achieving their net zero goals.

About Prisma Photonics
Prisma Photonics is revolutionizing infrastructure monitoring by using fiber optics to monitor critical large-scale infrastructure such as power grids and oil and gas pipelines over thousands of kilometers, eliminating the need for sensors.

Combining Hyper-Scan Fiber-Sensing™ technology with machine learning enables utility operators to meet green and renewable energy goals while maintaining operational excellence on their path to net zero emissions.

Founded in 2017 by an expert team with a proven track record of building and scaling deep technology companies.

Media contact:
Emily Torrance
[email protected]
Mahoney Communications Group

SOURCE Prisma Photonics

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