Wildfire Management Pano AI Announces $44M Series B

Gunderson Dettmer represented client Pano AI in its $44 million Series B financing led by Giant Ventures with participation by new investor Liberty Mutual Strategic Ventures and existing investors Initialized Capital and Salesforce Ventures. Since launching in 2020, Pano AI has attracted customers across utilities, governments, and private landholders like ski resorts. The company collaborates with over 250 first-responder agencies across 10 U.S. states, five Australian states, and British Columbia, Canada, as well as 15 major U.S. electric utilities, including Xcel Energy, Arizona Public Service, and Portland General Electric.

In the announcement of the transaction, Pano AI founder and CEO Sonia Kastner stated that the company has raised $89 million since its founding and currently employs 110 people. The new financing follows four consecutive years of revenue growth for the company. Kastner also shared that Pano AI has secured contracts exceeding $100 million and is actively working to fine-tune its AI technology to reduce the number of false triggers, which can be caused by factors such as cloud cover.

The Gunderson deal team was led by partners Andy Bradley and Shawna Reeder, and included Frida Alim, Michelle Pang, Garrett Darling, Umar Chaudhary, and Anna Barry.

Companies
Pano AI
Giant Ventures
Liberty Mutual Strategic Ventures
Initialized Capital 
Salesforce Ventures