Startup on Smart Grid Applications Probus Smart Things Raises $3 Mn

Probus Smart Things, a startup on IoT communications and data analytics focused on smart grid applications has raised $3 million

Probus Smart Things, a startup on IoT communications and data analytics focused on smart grid applications has raised $3 million. Unicorn India Ventures and Family Office from the US lent support to the startup to raise this amount. The round also saw participation from existing investors.

Unicorn India Ventures is a Mumbai-based early stage fund house set up in 2016 by Anil Joshi and Bhaskar Majumdar.

The Funds raised in the round will be employed towards the strengthening of product R&D, as well as team expansion and grow go-to-market (GTM) partnerships with ecosystem partners.

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Probus delves into the development of integrated hardware and software solutions for utility providers. It also aids with digitization of distribution grid and have a clear visibility of their network through Probus integrated end to end IoT platform. The startup provides IOT solution for electricity distribution utilities that helps them achieve distribution grid analytics and automation. This, in turn, makes it possible for them to achieve a much more efficient distribution of electricity along with quicker restoration of electricity after power disturbances. Probus also enables reduced operations and management costs for utilities, and ultimately lower power costs for consumers.

Anand Singh, Co-founder CEO, Probus Smart Things, says, “Probus has been at the forefront of digitization of the last mile electricity distribution grid. With the GoI mandate of 270 million smart meters deployment by 2026 to reduce the $40 billion annual losses that India is incurring in the last mile power distribution segment, Probus’ deep-tech in massive scale communications network and data analytics will be of immense value in achieving this goal. This is just the beginning of the automation that we are seeing in the energy sector. As more assets like EV, storage and renewables get deployed, IoT automation and private communication networks would become a must by all utilities and private players operating in the space. Once the data is acquired, the next step is to connect all of them and use it to resolve all the climate change issues pertaining to energy efficiency that the world is facing – optimum use of energy (demand response), reduce manual intervention and corresponding CO2 emissions.”

As per Probus, it has achieved 8X revenue growth in the last year and boasts of profitability at PAT level. The startup has claims that it has deployed over half a million smart meters products in four geographies and doubled the team size. Probus has now set sights on expanding in India and it will also be aiming to launch operations in MENA and SEA over the span of the next 12 – 18 months.

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Anil Joshi, Managing Partner, Unicorn India Ventures, says, “At Unicorn, our belief has always been to identify disruptive business ideas from sectors which may not necessarily enjoy the limelight whether it is cyber sector or insurance technology or power and utility. We back startups that have the potential to be the market leaders in their sector and back them with conviction. Probus is a company in which we have led the round for the third time. We truly believe that the power sector and last mile distribution is a sector waiting to be disrupted and Probus’ IOT platform and smart meters are helping some of the largest utility companies adapt a technology-led approach to monitor their assets better.”

Recently, Probus introduced a new product for the solar sector to monitor the production efficiency of solar modules in the central inverter solar plans through wireless sensors. It won its first order from a major utility firm covering 78 MW solar plant. The startup is now focusses on revenue growth by 6X.

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