SAN FRANCISCO, California , Sept. 19, 2022 (GLOBE NEWSWIRE) -- Pano AI, the first company to offer a fully-managed solution for active wildfire detection using artificial intelligence, has raised $20M in a Series A funding led by Initialized Capital. Additional participants in the round include Congruent Ventures, Convective Capital, DCVC, January Ventures, Quiet Capital, Kevin Mahaffey (Founder of Lookout), Jade van Doren (former CEO of AllTrails), Mark Leslie (former CEO of Veritas Software) and Oleg Rogynskyy (Founder of People.ai). Prior investors include Sytse Sijbrandij (CEO of Gitlab), Zac Bookman (CEO of OpenGov), Drew Uher (CEO of Homelight), and Joe Thomas (CEO of Loom). In concert with this round Kim-Mai Cutler, partner at Initialized Capital, will be joining the board of directors.
All wildfires start small, so the key to mitigation is detecting new ignitions quickly so that first responders can stop them before they grow. As a leader in disaster preparedness technology, Pano AI offers the first fully-managed solution that combines advanced hardware, artificial intelligence, and easy-to-use cloud-based software to provide fire agencies with actionable intelligence and up-to-the minute situational awareness. This helps first responders get to the scene faster and more safely—with the right equipment, latest information, and enhanced coordination—so they can stop a new ignition in its tracks.
Kim-Mai Cutler said: “We've seen the real-life impacts of climate change across the globe as increasingly severe wildfires cause widespread devastation. Pano AI's solution combines existing hardware with computer vision in a way that can be quickly implemented and scaled, meaning we can begin to mitigate and prevent deadly wildfires today.”
Pano AI will use the funding to continue advancing its AI-based approach to rapid wildfire detection, transforming how fire agencies respond to new ignitions and prevent catastrophic wildfires. The funding will support talent acquisition and facilitate Pano AI’s market expansion across additional high fire-risk areas within North America and Australia to safeguard lives, communities, and the environment from the increasing threat of wildfires.
Sonia Kastner, CEO, and founder of Pano AI, said: “The climate crisis is happening now, and humanity needs to start adapting today. At Pano AI, we’re working to pioneer the field of climate change adaptation, so that we can help society cope with the increasing frequency and intensity of natural disasters. We’re the first company to offer a fully-managed solution that delivers active wildfire detection using artificial intelligence. This investment will accelerate the geographical breadth of Pano’s AI solution, enabling us to safeguard more communities from these climate caused emergencies. We are grateful for the support of our investors at this critical time, as we face increasingly dangerous fire seasons around the world.”
In the two years since founding, Pano AI has developed the most advanced product in the marketplace and deployed with utilities, governments, fire authorities, forestry companies, and other private landowners. Pano AI operates in five U.S. states (California, Colorado, Oregon, Idaho and Montana) and two states in Australia (New South Wales and Queensland), with customers including Xcel Energy, Portland General Electric (PGE), Holy Cross Energy, the Big Sky Fire Department, Aspen Fire Protection District, Forestry Corporation of NSW (Australia), Southern Cross Forests (Australia), and Noosa Council's FireTech Connect Program (Australia).
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About Pano AI
Pano AI is the first disaster preparedness technology provider to offer a fully-integrated solution for active wildfire detection using artificial intelligence to help fire authorities identify and extinguish new ignitions before they become a threat. Harnessing the latest developments in hardware, artificial intelligence, and cloud-based software, Pano AI provides fire agencies with real-time actionable intelligence and situational awareness to coordinate an informed rapid response to wildfires before they escalate, safeguarding lives, communities, and the environment.
About Initialized Capital
Initialized Capital is an early-stage venture firm that invests with conviction before it's obvious. We're a diverse group of founders, builders, and operators who understand how hard it is to build a company. We back visionaries using software to make civilization better and support them through product-market fit and beyond. We're early believers in companies like Coinbase, Instacart, Flexport, and Cruise. Initialized’s portfolio—which spans over six core funds —is worth close to $200 billion in market value with 25 companies valued at $1 billion or more and 5 valued over $10 billion.
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