Panoramic Power, a US and Israel-based energy efficiency company which provides circuit level energy management technology, has closed an $8m series B round of financing. The round was led by private investment firm Marker LLC as well as existing investors, including semiconductor company Qualcomm and venture capital firms Greylock Partners, and ICV.
The latest financing will be used to expand the company’s sales, marketing and business development efforts. The funds will also be used to accelerate product development.
Yaniv Vardi, chief executive officer at Panoramic Power, said: “This additional funding is a great vote of confidence in Panoramic Power’s vision of how companies can leverage their energy usage as a strategic business asset and improve profitability and operational efficiency with our set of services.”
Richard Scanlon, Managing Partner of Marker LLC, stated, “Today, many best-in-class companies are improving their top line revenue growth and protecting bottom line cost savings by managing energy costs and improving sustainability. Panoramic Power’s granular level energy management platform meets a pressing need of enterprises to optimize energy consumption and improve operational efficiency.”
Panoramic Power, founded in 2009 by Dr. David Almagor and Adi Shamir.