Get All Access for $5/mo

IBM Acquires Solar Monitoring Platform Prescinto to Strengthen Energy and Utility Solutions Prescinto, founded in 2016, uses AI to provide advanced monitoring, analytics, and automation for renewable energy operations, helping organisations optimise wind, solar, and energy storage assets for improved efficiency and power generation.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

IBM has announced the acquisition of Bengaluru-based Prescinto Technologies, a leading solar monitoring and analytics platform that provides asset performance management (APM) software-as-a-service (SaaS) for the renewables sector.

While the financial details of the deal were not disclosed, this acquisition marks a significant step for IBM in enhancing its capabilities within the energy and utility space.

Prescinto, founded in 2016 by Puneet Jaggi, leverages artificial intelligence (AI) to deliver advanced monitoring, analytics, and automation solutions for renewable energy operations. The platform helps organisations manage wind, solar, and energy storage assets with the aim of improving operational efficiency and maximising power generation.

With clients across 14 countries and 16 gigawatts of assets under management, Prescinto's APM solutions simplify the operations and maintenance of renewable energy assets, helping companies optimise their return on investment (ROI).

IBM stated that the acquisition of Prescinto will enhance the IBM Maximo Application Suite (MAS), its solution for asset lifecycle management. By integrating Prescinto's technology, IBM aims to offer comprehensive solutions for managing renewable energy assets in a rapidly evolving sector.

Prescinto has received backing from notable venture capital funds, including Venture Catalysts, Inflection Point Ventures, Mumbai Angels, and LetsVenture, further demonstrating the company's potential and market appeal.

IBM's move comes as the global utilities asset management market is expected to grow significantly, with Allied Market Research estimating an increase from USD 4.3 billion in 2022 to USD 12.4 billion by 2031, at a compound annual growth rate (CAGR) of 11.3%.

This acquisition reflects IBM's ongoing strategy to expand its capabilities in software, cloud, automation, AI, and data, aligning with the company's efforts to lead in the energy transformation space.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.

Celebrity Entrepreneurs

The Pep Talk From Mickey Mouse We All Need to Hear, Compliments of Chris Diamantopoulos

Chris Diamantopoulos, the star of "The Sticky," "Red Notice" and the voice of Mickey Mouse, gets real about resilience, chasing dreams, and his desperate wish for a normal hobby.

News and Trends

Fast Fire Watch Guards: Protecting Your Business From Today's Fire Hazards

As a watch guard company, Fast Fire Watch Guards provides vigilant monitoring and immediate responses to signs of potential fire hazards in commercial spaces.