New Delhi-based IoT startup Probus Smart Things (1) has raised an undisclosed amount of seed funding from Unicorn India Ventures, making it the fourth firm to invest in the company.
The power sector focussed startup plans to use the freshly raised capital to strengthen its software platform and scale up its operations while entering new markets.
Other firms to have invested in Probus Smart Things are SaScan, ChitMonks, and Finin. The startup raised a total of Rs 400 crore from its earlier investments.
Anil Joshi, Managing Partner at Unicorn India Ventures, while talking about the development, said that Probus’ IoT platform was a powerful way to help discoms achieve their last-mile visibility. He further added that Probus’ integrated approach has the potential to change the entire distribution system in India.
Resolving issues in the power sector
Founded in 2017 by Anand Singh and Ankit Vaish, Probus Smart Things works with utility firms to help them automate last-mile distribution to get better visibility into power supply & act quickly in case of a crash, an interruption in any other issue related to distribution.
Anand Singh, Probus Co-founder & CEO, said that the company was on a mission to increase their per capita consumption of electricity in India by reducing the last mile power distribution losses. He added that digitization of the distribution grid via IoT-enabled tech is the only way forward to drive change.
The company has already developed integrated hardware & software solutions for utility providers & Probus Sense currently processes over 30 million data points every month. The main challenge for India’s power sector is on the distribution front as there is no clear visibility in case an outage occurs.