Pano AI, a wildfire detection company leveraging artificial intelligence to assist emergency responders, has closed a $44m Series B funding round.
The round was led by Giant Ventures, with new strategic investments from Liberty Mutual Strategic Ventures and Tokio Marine Future Fund, according to InsurTech Insights.
Existing investors Congruent Ventures, Initialized Capital, and Salesforce Ventures also took part. This latest raise brings Pano AI’s total funding to $89m.
Founded in 2020, Pano AI provides continuous AI-powered wildfire monitoring and real-time situational awareness. Its system detects smoke early, giving emergency responders critical minutes to act before fires escalate.
The technology currently monitors nearly 30 million acres and is used by over 250 first responder agencies across ten U.S. states, five Australian states, and British Columbia.
Pano AI plans to use the fresh capital to accelerate the deployment of its AI detection infrastructure, expand its partnerships, and further equip first responders with advanced tools to tackle growing wildfire threats. The company sees this investment as vital to strengthening community resilience and protecting critical infrastructure.
The company has seen rapid revenue growth and now has contracted revenue exceeding $100m. Pano AI is also a founding member of the Association of Firetech Innovation. Its platform is trusted by 15 major U.S. electric utilities including Arizona Public Service, Portland General Electric, and Xcel Energy, alongside nearly 40 government and private organisations spanning renewable energy, forestry, ski resorts, and more.
On June 16, 2024, the technology demonstrated its real-world impact during the Bear Creek Fire in Colorado. Within minutes of ignition, Pano AI provided triangulated coordinates that enabled a rapid helitack response and containment of the blaze to just three acres.
Pano AI CEO Sonia Kastner said, “We founded Pano AI based on one core belief: that the time to adapt to extreme weather events is now. Wildfires are becoming more frequent and more destructive every year, and we have built powerful tools to put in the hands of emergency managers on the front lines to help combat this crisis. This additional capital allows us to accelerate our mission to equip first responders with the best technology to protect communities, safeguard our critical infrastructure, and build a more resilient future.”
Giant Ventures co-founder and managing partner Cameron McLain said, “At Giant, we look for category-defining companies solving critical global challenges through the application of frontier technology. Pano AI is creating a new layer of resilience that will massively reduce the impact of increasingly frequent fire events.”
Tokio Marine group chief digital officer Masashi Namatame said, “Pano is creating the early detection infrastructure needed in wildfire-exposed regions of North America and Australia, but this is now a global challenge and we are proud to join Pano on its mission. We are committed to combating wildfire and other risks rising with climate change, and we are focused on investing in technologies and partnerships that help entire communities prepare, respond, and recover more effectively.”
Douglas County Sheriff’s Office director of emergency management Mike Alexander said, “In today’s wildfire environment, every minute counts. Pano AI gave us early confirmation and precise coordinates that allowed us to launch a rapid aerial and ground attack in a remote watershed that provides drinking water to over one million people. That critical lead time helped us contain the Bear Creek Fire before it became a more destructive event. Overall, Pano has become an essential part of how we conduct modern wildland fire fighting in Douglas County.”
Portland General Electric president and CEO Maria Pope said, “At Portland General Electric, we’re focused on strengthening grid resilience while working in close partnership with the communities we serve. Pano AI’s early detection technology gives us the real-time visibility we need to reduce our risk from wildfire threats. It’s a critical element of our broader strategy to protect people, infrastructure, and essential service during increasingly complex fire seasons.”
Prior to this round, Pano AI had raised $45m, bringing its total funding to $89m.
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