Data Analytics Startup Probus Smart Things raises $500,000 led by Unicorn India Ventures & Others
Probus Smart Things, a data analytics business, has secured $500,000 in a bridge round headed by Unicorn India Ventures. The funds will be used to expand the company's personnel and operations both in India and internationally, according to a press release.
Anuj Khanna of Trimaster, Kiran Alla of Theia Ventures, Devdutt Shah, Kuntesh Chandaria of Urmin Group, and Anmol Rastogi also participated in the round.
Probus, which was founded in 2018, produces integrated hardware and software solutions for utility providers, assisting them in digitising their distribution grid and gaining a clear view of their network through its end-to-end IoT platform.
The startup aims to double India's per capita power consumption, which is now 1/3 of the world average, by lowering distribution losses in the country's electrical distribution grid.
“This past year, we have been working closely and continuously with our partner utilities to help save them money in distribution networks by leveraging our communications and analytics solutions. Even during the challenging times of the second COVID wave during peak summers, our field teams had worked as essential services to keep the network up and running,” said Anand Singh, cofounder and CEO, Probus Smart Thing.
“With the current funding round, we will be expanding our team and product offerings while looking to fulfill our order pipeline.”
“We invested in Probus last year and have seen first-hand the impact it is making on the ground. Leveraging IoT to improve electricity distribution and bringing down grid failure rate by giving discoms insights right at the distribution level is cutting edge work,” said Anil Joshi, managing partner, Unicorn India Ventures.
The Indian distribution sector, according to the company, is afflicted by a lack of real-time information on distribution asset performance, outage information, and manpower use. The only option to promote change is to digitise the distribution grid using IoT enabled technology.
Unicorn India Ventures, a Mumbai-based early stage fund formed by Anil Joshi and Bhaskar Majumdar, has made its eighth investment from fund II. Its second fund, worth Rs 400 crore, was announced in 2019.
Anuj Khanna of Trimaster, Kiran Alla of Theia Ventures, Devdutt Shah, Kuntesh Chandaria of Urmin Group, and Anmol Rastogi also participated in the round.
Probus, which was founded in 2018, produces integrated hardware and software solutions for utility providers, assisting them in digitising their distribution grid and gaining a clear view of their network through its end-to-end IoT platform.
The startup aims to double India's per capita power consumption, which is now 1/3 of the world average, by lowering distribution losses in the country's electrical distribution grid.
“This past year, we have been working closely and continuously with our partner utilities to help save them money in distribution networks by leveraging our communications and analytics solutions. Even during the challenging times of the second COVID wave during peak summers, our field teams had worked as essential services to keep the network up and running,” said Anand Singh, cofounder and CEO, Probus Smart Thing.
“With the current funding round, we will be expanding our team and product offerings while looking to fulfill our order pipeline.”
“We invested in Probus last year and have seen first-hand the impact it is making on the ground. Leveraging IoT to improve electricity distribution and bringing down grid failure rate by giving discoms insights right at the distribution level is cutting edge work,” said Anil Joshi, managing partner, Unicorn India Ventures.
The Indian distribution sector, according to the company, is afflicted by a lack of real-time information on distribution asset performance, outage information, and manpower use. The only option to promote change is to digitise the distribution grid using IoT enabled technology.
Unicorn India Ventures, a Mumbai-based early stage fund formed by Anil Joshi and Bhaskar Majumdar, has made its eighth investment from fund II. Its second fund, worth Rs 400 crore, was announced in 2019.
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