Probus raises $3 million led by Unicorn India Ventures

● Round saw participation from other existing investors. ● This is Unicorn India Ventures’ third round of investment in Probus ● Signals strong belief in Probus’ IOT platform to bring in digital transformation in the power and utility sector ● Probus is an integrated IoT platform based service for distribution grid monitoring and automation ● Funds raised to be used for strengthening product R&D, expand team and grow GTM partnerships with ecosystem partners ● Probus has clocked 8X revenue growth and has achieved profitability in the last 12 months ● The Company has deployed over half a million products automating the grids and monitoring the last-mile power distribution segment

169

IoT Communications & 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. Funds raised will be used for strengthening product R&D, expanding the team, and grow GTM partnerships with ecosystem partners.

Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and have clear visibility of their network through Probus integrated end end-to-end IoT platform. A powerful IOT solution for electricity distribution utilities that helps them achieve distribution grid analytics and automation subsequently enables a much more efficient distribution of electricity and quicker restoration of electricity after power disturbances. Probus further enables reduced operations and management costs for utilities, and ultimately lower power costs for consumers.

Anand Singh, Co-founder CEO, Probus Smart Things, says, “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’s 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. As more assets like EV, storage and renewables get deployed, IoT automation and private communication networks would become a must by all utilities and private players operating in the space. Once the data is acquired, the next step is to connect all of them and use it to resolve all the climate change issues pertaining to energy efficiency that the world is facing – optimum use of energy (demand response), reduce manual intervention and corresponding CO2 emissions.”

In the last 12 months, Probus has demonstrated 8X 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.

Advertisement

Anil Joshi, Managing Partner, Unicorn India Ventures, says, – “At Unicorn, our belief has always been to identify disruptive business ideas from sectors which may not necessarily enjoy the limelight whether it is CyberSec or InsuranceTech or power and utility. 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.”

Probus has recently launched a new product for the solar sector to monitor the production efficiency of solar modules in the central inverter solar plans through wireless sensors. The Company has already bagged its first order from a major utility company covering 78MW solar plant. The Company is aiming to grow its revenues by 6X and double its team size in the next 18 – 24 months.