Venture Catalysts Backs Solar Monitoring Platform Prescinto
Prescinto is an artificial intelligence enabled platform designed for vendor agnostic connectivity and real-time insights for solar plants
Solar monitoring platform Prescinto said on Tuesday it has raised an undisclosed seed funding from accelerator and incubator Venture Catalysts.
The funding round also saw participation from angel investor Rohit Chanana and others.
Founded in 2016 by Puneet Singh Jaggi, Sanjay Bhasin and Ram Menon, Prescinto is an artificial intelligence enabled platform designed for vendor agnostic connectivity and real-time insights for solar plants. The company’s service offerings include data acquisition and visualization, advanced analytics and O&M automation, with a strong pipeline of IPs in the domain.
“At Prescinto, we strongly believe in performance enhancement and have leveraged technology and our deep domain expertise to deliver the same time and again,” said Puneet Jaggi, founder and CEO, Prescinto. “The next wave of profitability for Renewable Energy players will come from performance enhancement as the margins narrow down further.”
Prescinto’s patent pending solution addresses the problem of improving generation and RoI by identifying the underlying root cause of generation loss and then giving actionable insights to increase power generation by about 7 per cent resulting in 20x-50x RoI for plant owners and operators, as per the company statement.
The company claims its enterprise customers, such as Macquarie (Stride Climate Investments) and Essel Infrastructure, GMR etc, have achieved a traction of 3X annual growth reaching over 8,000 MW Solar Plants across 14 countries.
“In a very short duration, Prescinto has made its presence felt in the solar energy sector with its cutting-edge AI technology for real-time solar monitoring. The start-up is a beautiful example of how technological advancements can be utilized to further improve a totally different sector dealing in sustainable practices,” said Apoorva Ranjan Sharma, Co-founder & President – Venture Catalysts.