Probus Raises $3 Million From US Family Office And Unicorn India Ventures
The fund raised will be used for strengthening product R&D, expanding the team and grow GTM partnerships with ecosystem partners
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IoT Communications and Data Analytics Startup, Probus Smart Things focused on smart grid applications, has raised $3 million from Unicorn India Ventures and Family Office from the US. The round also saw participation from existing investors. The fund raised will be used for strengthening product R&D, expanding the team and grow GTM partnerships with ecosystem partners.
"Probus has been at the forefront of digitization of the last mile electricity distribution grid. With the GoI mandate of 270 million smart meters deployment by 2026 to reduce the $40 billion annual losses that
India is incurring in the last mile power distribution segment, Probus' deep-tech in 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," said Anand Singh, co-founder CEO, Probus Smart Things.
In the last 12 months, Probus has demonstrated 8 times revenue growth and has achieved profitability at PAT level. The Company has currently deployed over half a million smart meters products in 4 geographies and doubled the team size. In addition to expanding further in India, Probus will also be looking to launch operations in MENA and SEA over the next 12 – 18 months, claimed by the company in a statement.
"We back startups that have the potential to be the market leaders in their sector and back them with conviction. Probus is a company in which we have led the round for the 3rd time. We truly believe that the power sector and last mile distribution is a sector waiting to be disrupted and Probus' IOT platform and smart meters are helping some of the largest utility companies adapt a technology-led approach to monitor their assets better," said Anil Joshi, managing partner, Unicorn India Ventures.
Probus Smart Things Private Limited is in the business of developing integrated hardware and software solutions for utility providers.