Energy Management Co Panoramic Power Raises $7m
Panoramic Power will collaborate with 3D design and software company Autodesk, which has also made a strategic investment.
Panoramic Power, which develops and provides wireless, self-powered device-level energy management solutions, has announced a collaboration with Autodesk. Autodesk has also made a strategic investment in Panoramic Power, leading an investment round that includes participation from existing investors totaling $7 million. Autodesk is a global leader in 3D design and simulation software.
Autodesk and Panoramic Power will engage in joint product development that combines Panoramic Power’s device-level energy platform with Autodesk’s cloud-based Building Information Modeling (BIM) portfolio.
The technology collaboration between Panoramic Power and Autodesk will allow customers to reduce operational costs by improving asset utilization, identifying operational inefficiencies in their sites and equipment, and shifting from reactive to predictive maintenance. These advanced capabilities go beyond the building design and construction phase – utilizing Panoramic Power’s cloud-based analytics engine to detect anomalies in energy usage and alert the facilities team about excess energy consumption or issues that could lead to equipment failures. Energy efficiency reports with detailed recommendations help minimize peak loads, benchmark equipment to identify operational inefficiencies, verify the expected ROI from investment in new equipment and drive behavior change by tenants.
“Forward-thinking commercial and industrial building owners and operators are beginning to think and act proactively to effectively manage their facilities and systems. We’re very excited to join with Panoramic Power and collaborate to develop solutions that leverage BIM and will help maximize building performance,” said Amar Hanspal, Autodesk SVP of Information Modeling and Platform Products.
Panoramic Power CEO Yaniv Vardi said, “Through our collaboration with Autodesk, we will deliver solutions that define a new way of proactively managing facility operations. As the leading software company in the building industry, we are pleased by Autodesk’s vote of confidence in our ability to deliver scalable solutions that will enable customers to optimize energy consumption to improve facility and systems operations.”
Panoramic Power was founded in 2009 by chairman Dr. David Almagor and COO/CTO Adi Shamir. Investors include Marker LLC, Greylock Partners, Israel Cleantech Ventures (ICV).