Probus Raises $5,00,000 In Bridge Round Led By Unicorn India Ventures Funds raised to be primarily used for fulfilling current orders and team expansion
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Delhi-based IoT communications and data analytics startup Probus Smart Things, focused on Smart grid applications on Wednesday announced to have raised $500,000 in a bridge round led by Unicorn India Ventures. The round also saw participation from prominent angels like Anuj Khanna of Trimaster, Kiran Alla, Theia Ventures, Devdutt Shah, Kuntesh Chandaria, Urmin Group and Anmol Rastogi.
The company plans to use the funds to scale up their team and operations within India and abroad.
"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. In early 2021, we introduced India's first DLMS compliant RF product offering for smart meter integrations. We are strongly positioned to meet the upcoming requirement of smart metering in both India and abroad by providing our RF mesh products. In addition to the trust of Unicorn India Ventures, this bridge round also sees participation from some well-known industry experts, who have been mentoring us for quite some time. With the current funding round, we will be expanding our team and product offerings while looking to fulfill our order pipeline," said Anand Singh, co-founder and chief executive officer, Probus Smart Things.
For the next 12 months, Probus plans to build strong partnerships with various utilities, System Integrators and meter manufacturers for catering to various AMI (Automatic Metering Infrastructure) and loss reduction opportunities.
"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. The bridge round being led by Unicorn India is a testimony to our belief in Probus and the change it is pioneering in the utility segment," added Anil Joshi, managing partner, Unicorn India Ventures.
The Indian distribution sector is plagued with minimal real-time information of distribution asset performance, outage information and man-power utilization are still not implemented. Digitization of the distribution grid through IoT-enabled technology is the only way forward to drive change. Post-COVID, the need for a digital grid has been re-enforced. Various interventions have been planned, both at state and national level to overcome these challenges. Probus, with its agnostic Communications and Data analytics offerings, is helping utilities companies save money in the last mile power distribution, the company claims.
