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

The two Israeli Companies Continue their Strategic Partnership to Monitor the Country's Power Transmission System Utilizing PrismaPower™

TEL AVIV, Israel, Dec. 20, 2023 /PRNewswire/ -- The Israel Electric Corporation (IEC), the Israeli electric utility, will join Prisma Photonics' Series C funding round. This comes after a previous investment in April of 2022. The two companies have been in partnership since early 2021. Prisma Photonics currently employs its optical fiber sensing technology to monitor over 1,000 km (more than 620 miles) of IEC's transmission network, detecting electrical faults, damage to power towers and transmission lines and weather conditions across 20% of Israel's national grid.

"IEC remains a valued customer and strategic investor, as evidenced by their participation in our latest funding round," says Dr. Eran Inbar, CEO of Prisma Photonics. "While our technical partnership spans over several years, this second investment underscores their dedication to driving innovation in Israel's power supply industry as they delve deeper into grid resilience to bolster 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 advanced power operations through continuous adoption of cutting-edge technologies. Our second investment signifies our dedication to safety, grid integrity, and environmental responsibility. This continued collaboration will better optimize our network for renewable energy integration, using advanced technologies to ultimately achieve net-zero emissions," adds Amir Livne, Senior VP of Strategy and Innovation at Israel Electric Corporation.

PrismaPower™ offers a groundbreaking solution for monitoring electrical overhead power lines, utilizing fiber optics technology to convert existing infrastructure into responsive sensors. This innovation facilitates real-time detection and location tracking of potential issues, eliminating the requirement for extra sensors. Prisma Photonics' optical fiber sensing technology extends across various infrastructure sectors, such as power, oil and gas pipelines, and other extended utilities. The technology enhances the safety, efficiency, and cost-effectiveness of infrastructure operations while actively assisting utility operators in reaching their net-zero goals.

About Prisma Photonics
Prisma Photonics revolutionizes infrastructure monitoring by using optical fibers to monitor critical large-scale infrastructure like power grids and oil & gas pipelines for thousands of kilometers, eliminating the need for sensors.

Combining Hyper-Scan Fiber-Sensing™ technology with machine learning allows utility operators to reach environmental and renewable energy goals while keeping operational excellence in their journey to net-zero emissions.

Founded in 2017 by an expert team with a proven track record of building and scaling companies in the deep-tech domain.

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SOURCE Prisma Photonics