Solar Analytics Startup Prescinto Raises $3.5 Mn In Seed Round
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Tech startup Prescinto reinvents the renewable energy industry through its AI-powered platform on Thursday announced to have raised $3.5 million in a Seed round, participated by Inflection Point Ventures (IPV). The round has been led by Venture Catalysts and saw participation from Mumbai Angels and Lets Venture.
Prescinto is an IIOT and AI-powered clean energy SaaS platform that increases solar power plant generation by 5 per cent. The platform increases solar power plant generation by ~7 per cent at a cost of 0.1 per cent of revenue resulting in twenty-time to fifty-time RoI.
“At Prescinto, we are building the brain of solar projects using AI. We are building tech which will herald the future of clean energy not only in India but across the world. To have a partner and a supportive investor in IPV, will only help us reach our aspirations in a much quicker time,” commented Puneet Singh Jaggi, founder, and chief executive officer, Prescinto.
Prescinto’s AI identifies the root causes of the plant’s underperformance in real-time and helps in reducing costs of operation and maintenance. With an aim to increase clean energy without additional investment, the startup identifies and reduces the losses in the plant.
It is the seventh deal announcement by IPV since January 2021 and is likely to invest INR 155 crore this year across 60 plus startups.
“Switching to clean energy is no more an option but a must-do for industries. Alternate energy sources like Solar and Wind are game-changing and have been supported by the Govt. We liked Prescinto because of their technologically disruptive idea which doesn't need high capital deployment and serves a critical need of enterprises running large-scale alternate energy projects. The Founding team’s experience in this domain elevated our confidence in them, and hence we backed the startup,” added Mitesh Shah, co-founder, IPV.
Supported by a proven founding team, the SaaS platform has already demonstrated itself with customers like Macquarie (Stride Climate Investments), Essel Infrastructure, GMR, etc, to achieve traction of threefold annual growth reaching ~9 GW solar plants across 14 countries.
The AI-powered SaaS platform collects the data of the concerned plant, applies data science models, resulting in identifying causes of underperformance. The tool also suggests ways how the plant can improve the generation.
The company claims to have been recognized amongst the top 10 AI startups by Stellaris Venture Partners and International Finance Corporation as well as awarded the RE Assets Award for the best data analytics platform by the Solar Quarter.
The company has established its leadership in the Indian market by working with large customers like Radiance Renewables and SoftBank Energy and plans to expand in international markets like the US with a single-minded focus on performance enhancement.
With the total market size of renewable energy being $1.2 billion in 2019 and estimated to be $4.6 billion in 2030, Prescinto aims at bringing out the best of innumerable solar plants installed globally.