Probus Smart Things, an IoT communications and analytics startup with a focus on smart grid applications, has secured $3 million from US-based Family Office and Unicorn India Ventures. Existing investors also participated in the round.
The money raised will go towards enhancing product R&D, growing the staff, and increasing GTM collaborations with ecosystem partners, as per reported by Indianweb2.
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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’s 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.”
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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 CyberSec or InsuranceTech 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 3rd 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.”
About Probus Smart Things
Probus Smart Things is on a mission to increase the per capita consumption of electricity in India by 10X, which is presently 1/3 of the global average, by reducing the distribution losses in the Indian electricity distribution grid.
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