Home » Pano AI raises $17M in new capital growth in Series A funding round

Pano AI raises $17M in new capital growth in Series A funding round

Pano AI raised $17M in new capital growth, led by Valor Equity Partners in a series A round.

New investors joining the funding are Salesforce Ventures, T-Mobile Ventures and the 5G Open Innovation Lab. Along with existing investors include Initialized Capital, Congruent Ventures, Convective Capital and more.

Acquired funding will be used to advance the AI-based detection for active wildfire and to support ongoing talent acquisition.

The company will also use the funding to expand its presence in the market.

Pano AI

Pano AI offers climate adaption technology that detects new ignition points for wildfire in forests.

It offers detection solutions integrating mountaintop cameras, satellite feeds, artificial intelligence, 5G connectivity and modern cloud software to alert the fire professionals in minutes.

This helps in taking action to stop the crisis with right equipment, relevant updated information and reliable coordination.

The CEO and founder of Pano AI, Sonia Kastner said,

“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.”

The company at present operates in six states within the United States – California, Colorado, Oregon, Washington, Idaho, and Montana. They also operate 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