Deeptech Startup Probus Raises $5 Mn In Series A1 Round

Probus Smart Things, an IoT Communications and data analytics startup, has raised $5 million in funding in a Series A1 round led by Unicorn India Ventures. 

The funding round also included investments from notable US-based and Indian family offices. It combines both equity and debt financing.

So far, the startup has raised over $8 million, including this round.

Funding Utilisation

Probus plans to use the funds to expand its communication technology for smart grid and renewable energy applications, as well as to develop its AI integration with its patented communication and networking systems.

The startup will also invest in growing its dual communications network interface modules for smart metering, which are being rolled out in several states in India.

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"At Probus, our mission is to enable the last-mile digitization of India's electricity distribution grid, a transformation that is significantly reducing distribution losses at scale and propelling the country toward its Net Zero targets. Our cutting-edge Communications Technologies and Data Analytics lie at the heart of this transformation," said Anand Singh, Co-founder and CEO of Probus Smart Things.

"This is our fourth round of investment in Probus as we believe that the company has emerged as a disruptor in the last mile power distribution ecosystem. With the order book standing at Rs 400 crore, it is clear that their understanding of the problem, their ability to provide a tech-backed solution that can be rolled out at scale and AI integration is now a proven approach," said Anil Joshi, Managing Partner, Unicorn India Ventures.

"While the current product offerings are ahead of available solutions in the market, the team has not only kept innovating to make themselves relevant to the changing requirement but has been continuously investing in R&D to keep coming out with cost-effective innovative solutions. We see Probus as one of the category winning startups from our portfolio," Joshi added.

About Probus 

Founded in 2017 by Anand Singh, Probus creates hardware and software solutions for utility providers, helping them digitize their distribution grid and gain clear visibility of their network through its end-to-end IoT platform.

Probus says it has built an order pipeline worth Rs 400 crore, with revenues growing 10X and expanding 3X year-on-year. The company has filed for 4 patents, tripled its team size, and opened an Innovation Center in Noida, along with project offices in Mumbai and Ahmedabad.

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