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IoT communications and data analytics startup Probus Smart Things, which focuses on smart grid applications, has raised $3 million from the US-based Unicorn India Ventures and Family Office.
The round also saw participation from existing investors. The funds will be used for strengthening product research and development, and expanding the team and marketing partnerships.
Probus develops integrated hardware and software solutions for utility providers, helps digitise their distribution grid, and enables visibility of their network through an integrated end-to-end IoT platform.
Anand Singh, Co-founder and CEO, Probus Smart Things, said, “Probus has been at the forefront of digitisation of the last-mile electricity distribution grid. With the government mandate of 270 million smart meter deployment by 2026 to reduce the $40-billion annual losses that India is incurring in the last-mile power distribution segment, Probus’s deep-tech in massive-scale communications network and data analytics will be of immense value in achieving this goal.”
As more assets like electric vehicles, storage, and renewables are deployed, IoT automation and private communication networks would become a must for all utilities and private players. Once data is acquired, the next step is to connect it all and use it to resolve climate change issues related to energy efficiency — optimum use of energy (demand response), and reduced manual intervention and carbon dioxide emissions, he said.
The company said that in the past 12 months, it recorded eight times revenue growth and achieved profitability at the PAT level. The company has currently deployed over half a million smart meter products and doubled its team size. It seeks to launch operations in West Asia, North Africa and Southeast Asia over the next 12–18 months.
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