- Other existing investors also participated in the funding round.
- This marks the third investment round in Probus by Unicorn India Ventures, indicating strong confidence in the startup’s IoT platform to drive digital transformation in the power and utility sector.
- Probus’ integrated IoT platform offers distribution grid monitoring and automation services.
- The funds raised will be utilized for strengthening product research and development, expanding the team, and establishing GTM partnerships with ecosystem partners.
- Probus achieved 8X revenue growth and profitability in the last 12 months, demonstrating the effectiveness of its platform.
- Probus has deployed over half a million products to automate grids and monitor the last-mile power distribution segment.
9th March, 2023, Mumbai: Probus Smart Things, an IoT communications and data analytics startup that focuses on smart grid applications, has secured $3 million in funding from Unicorn India Ventures and a family office in the US. The funding round also saw participation from existing investors. The funds raised will be used to strengthen product research and development, expand the team, and foster GTM partnerships with ecosystem partners.
Probus specializes in developing integrated hardware and software solutions for utility providers, helping them to digitize their distribution grid and gain clear visibility of their network through Probus’ end-to-end IoT platform. This powerful IoT solution enables electricity distribution utilities to achieve distribution grid analytics and automation, resulting in more efficient distribution of electricity and quicker restoration of power after disruptions. Additionally, Probus enables utilities to reduce their operations and management costs, ultimately leading to 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.
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.