Wildfire detection startup, Pano, has secured an additional $17 million in funding for its series A round, bringing the total amount raised to $37 million. Pano’s AI-powered technology allows for early detection of wildfires, enabling faster response times and potentially saving lives.
The company utilizes high-definition, remote-controllable cameras that are equipped with AI algorithms. These cameras can be manually operated or set to scanning mode, rotating at a rotation per minute. The AI analyzes the video footage captured by the cameras and identifies signs of smoke and fire. Once a potential wildfire is detected, an alert is sent to emergency responders.
This early detection system provides highly accurate alerts, both in terms of identifying wildfires and pinpointing their location. As a result, emergency responders can efficiently allocate their resources, deploying helicopters and bulldozers only when necessary. This saves valuable time and resources, as they can mobilize their teams hours before receiving reports from the public.
Pano’s recent funding extension comes at a time when the venture capital market is facing challenges. Despite this, Pano decided to raise additional funds in order to continue its rapid growth and make further advancements in wildfire detection technology. The company plans to raise a larger series B round of funding in the future.
The success and potential impact of Pano’s technology have attracted investors, including Valor Equity Partners, T-Mobile Ventures, and Salesforce. T-Mobile’s involvement is particularly interesting as Pano utilizes their 5G network for its operations, even utilizing some of T-Mobile’s infrastructure.
Pano’s business model involves selling licenses to its software while owning the cameras and infrastructure itself. The company’s customers include power utilities, private landowners, and government fire agencies at various levels. Pricing for the licenses varies based on the specific needs of each customer, with an average cost of $50,000 per station per year.
As Pano continues to expand its presence in the United States and Australia, its current focus is on its first product for fire detection. The company plans to respond to international demand before expanding its product offering in the future.
With over 100 units already deployed and more planned for the rest of the year, Pano is actively monitoring millions of acres of land. Despite the challenges in the venture capital market, Pano remains confident in its ability to secure future funding and continue its mission of combating wildfires.
By providing early detection and precise alerts, Pano’s technology is revolutionizing wildfire response and helping to protect communities and the environment from devastating fires.
