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Also happy to see SmartCamp companies get follow on funding. This time Panoramic Power, the winner of the
Israel IBM SmartCamp competition in 2010, announced $4.5 Million Funding. Israel Cleantech and Greylock
Partners Co-Led the Investment.
KFAR SABA, Israel, April 14, 2011 /PRNewswire/ — Panoramic Power, an early stage company developing a
cloud-hosted, real-time energy monitoring platform and service announced today that it has raised $4.5
million in an investment round co-led by Israel
Cleantech Ventures (ICV) and Greylock Partners. Clal Energy has also joined the round. Existing
investors Qualcomm Ventures (via QPrize), the Israel Electric Company (Karat Program) and Alexander Schneider have
participated as well. This round brings the total financial backing of the company to $6M.
“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,” said Dr. David Almagor, co-founder and CEO of Panoramic Power.
Panoramic’s co-founder and CTO, Adi
said, “Our cloud-hosted service utilizes sophisticated data mining and analytics that can uncover hidden
inefficiencies, identify problems and highlight money saving opportunities. Combined with our ability to
monitor energy at unprecedented granularity our platform will revolutionize the way organizations view
their energy consumption.”
“Panoramic brings together a terrific team of proven entrepreneurs and innovators spanning hardware,
software, RF and communication expertise to address a huge and largely untapped market opportunity,” said
ICV Partner Meir Ukeles, who is joining the company’s Board of Directors, along with Dr. Noam Gressel, a
Partner at Greylock Partners. Meir added, “The
platform’s non-intrusiveness and scalability enables the introduction of energy intelligence to existing
Dr. Almagor and Mr. Shamir have extensive entrepreneurial as well as senior management experience. Dr.
Almagor was previously the founder and CEO of networking IC company Mysticom Semiconductor that was
acquired by Transwitch Corporation. Prior to that he was an executive at National Semiconductor. Adi Shamir
has held senior product management and development roles at several companies including AeroScout and
The team is rounded out by Yuval Shahar, Panoramic Board Member and serial entrepreneur, Itay Reved, VP
Software and Dan Frommer, VP Products, all of whom have previously worked together at P-Cube, acquired by
About Panoramic Power:
Panoramic Power provides an innovative Energy Management System (EMS) that enables enterprises and
organizations to reduce their operational and energy expenses. We help customers improve their energy
efficiency using a breakthrough power flow visibility platform. For more information please visit us at: Panoramic Power