New Delhi-based IoT startup Probus Smart Things has raised seed funding from Mumbai-based venture capital firm Unicorn India to scale up its smart grid platform and enter new geographies.
Made through its Rs 400-crore Fund II, this is Unicorn’s fourth investment in the IoT startup.
Probus’ IoT-based grid analytics and automation solution gives electricity distribution utilities real-time visibility of asset performance, outages, root cause analysis, predictive and preventive maintenance through sensor data, scheduling, and tracking of on-field personnel.
Speaking about their solution, Anand Singh, Co-founder CEO, Probus Smart Things, said, “India is a power surplus country, but the distortions in the power sector have costed the Indian economy $86 billion in 2016 alone. Current technologies like SCADA are expensive and not scalable in terms of Indian electricity distribution grid’s size and complexity.
“Using our IoT enabled wireless, modular hardware and data analytics platform, we cut through these issues and enable electric utilities to make last-mile connectivity reliable.”
Anil Joshi, managing partner, Unicorn India Ventures, said, “The electricity distribution infrastructure is ripe with opportunities for innovation and the ability to embrace the elements of smart grid infrastructure. Probus enables electricity distribution companies to rapidly digitize their infrastructure and processes by bringing cost reduction and operational efficiency. This service isn’t just pertinent in India but will fare well in the rest of the South East Asian market and Europe as well.”
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