Prisma Photonics announced an expanded strategic partnership with the Israel Electric Corporation (IEC). Their collaboration involves IEC's continued investment in Prisma Photonics, contributing to the Series C funding round, previously closed at $20 million.
The round extension marks a continuation of the strategic alliance between the two Israeli entities, which commenced in early 2021. Prisma Photonics has been instrumental in employing its innovative optical fiber sensing technology, PrismaPower™, across IEC's transmission network. Covering over 1,000 km of the network, the technology is pivotal in detecting a range of issues including electrical faults, damage to infrastructure, and varying weather conditions, thus safeguarding 20% of Israel's national grid.
Their collaboration is set to optimize the network for renewable energy integration, driving towards net-zero emissions.
PrismaPower™ monitors electrical overhead power lines using optical fibers technology. It transforms existing infrastructure into responsive sensors, enabling real-time detection and tracking of potential issues without the need for additional sensors. Prisma Photonics' technology is also applicable in various other sectors, such as oil and gas pipelines, enhancing safety, efficiency, and cost-effectiveness in infrastructure operations.
Founded in 2017, Prisma Photonics' Hyper-Scan Fiber-Sensing™ technology, combined with machine learning, assists utility operators in achieving environmental and renewable energy goals, maintaining operational excellence, and progressing towards net-zero emissions.