Panoramic Power, a US-based energy efficiency technology producer backed by wireless technology company Qualcomm and design software developer Autodesk, is set to be acquired by utility Direct Energy for $60m.
Founded in 2009, Panoramic Power has developed wireless sensors and cloud-based analytics software to help companies gain insight into their energy usage and reduce costs.
Autodesk led Panoramic’s $7m series C round in December 2014, which also included a range of unnamed existing investors.
Qualcomm Ventures, the corporate venturing arm of Qualcomm, contributed funds to an $8m series B round in 2013 that was led by investment firm Marker and backed by VC firms Greylock Partners and Israel Cleantech Ventures (ICV).
ICV and Greylock co-led a $4.5m series A round in 2011 with participation from Qualcomm Ventures, utility Israel Electric Company, investment firm Clal Energy and data centre infrastructure services provider Alexander Schneider. Qualcomm Ventures, Israel Electric Company and Schneider also backed Panoramic’s $1.5m seed round.
The acquisition is expected to close by the end of this month. John Shultz, president of Direct Energy, said: “Since Direct Energy Business began working with Panoramic Power in 2014, it was clear there was a positive synergy between our two companies.
“By using real-time data gathered from affordable wireless sensors, we enable businesses to optimise their energy consumption – ultimately helping them use and buy less of what we sell.”