New Delhi-based integrated internet of things (IoT) and data analytics-based start-up Probus has raised $3 million in a funding round led by the US Family Office and Unicorn Venture Partner. Its existing investors also participated in the investment round.
The company will utilise the fund to strengthen its research and development teams. Additionally, it will expand its team and marketing partnership.
Founded in 2017, Probus is known for developing integrated hardware and software solutions for utility providers. The Company has claimed to deploy over half a million products automating the grids and monitoring the last-mile power distribution segment.
Recently, Probus launched 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 has also claimed to achieve 8x growth in revenue in the last 12 months.
Talking about the latest development, Anand Singh, the co-founder and CEO, of Probus Smart Things, said, “Probus has been at the forefront of digitisation of the last-mile electricity distribution grid. With the government mandate of 270 million smart meter 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 the 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 EVs, storage and renewables get deployed, IoT automation and private communication networks would become a must for 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,” he added.