Pano AI Announces $17M Series A Extension
Gunderson Dettmer represented client Pano AI, the first company to offer a fully-managed solution for active wildfire detection using artificial intelligence, in its $17 million Series A extension led by Valor Equity Partners. Harnessing the latest developments in cameras, 5G connectivity, 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.
The company will use the new capital to continue advancing its detection solution, support ongoing talent acquisition and facilitate market expansion across high fire-risk areas within North America and Australia. The new capital raised included participation from Salesforce Ventures, T-Mobile Ventures, 5G Open Innovation Lab, Initialized Capital, Congruent Ventures, Convective Capital and January Ventures.
In the announcement of the transaction, Pano AI CEO and founder Sonia Kastner said, “The world has seen increasingly severe and frequent wildfires and other natural disasters in recent years. Even in an economic downturn, we must act rapidly to cope with these escalating effects of climate change. This incremental capital signifies our emerging market leadership and growing commercial traction and emphasizes the urgent need for innovative technologies that focus on climate adaptation.”
The Gunderson Dettmer deal team was led by Andy Bradley and included Michelle Pang, Garrett Darling, Shawna Reeder and Erika Athens.