The startup said the funds raised will be primarily used for fulfilling current orders and team expansion.
Delhi-based IoT communications and data analytics startup Probus Smart Things, focused on smart grid applications, has raised $500,000 in a bridge round led by Unicorn India Ventures. The round also saw participation from angels like Anuj Khanna of Trimaster, Kiran Alla, Theia Ventures, Devdutt Shah, Kuntesh Chandaria, Urmin Group and Anmol Rastogi.
The startup plans to use the funds to scale up its team and operations within India and abroad.
Anand Singh, Co-founder and CEO, Probus Smart Things, said,
“This past year, we have been working closely and continuously with our partner utilities to help save them money in distribution networks by leveraging our communications and analytics solutions. Even during the challenging times of the second COVID wave during peak summers, our field teams had worked as essential services to keep the network up and running.”
“In early 2021, we introduced India’s first DLMS compliant RF product offering for smart meter integrations. We are strongly positioned to meet the upcoming requirement of smart metering in both India and abroad by providing our RF mesh products,” Anand added.
Probus develops integrated hardware and software solutions for utility providers and helps digitise their distribution grid and have a clear visibility of their network through Probus integrated end to end IoT platform. A powerful IOT solution for electricity distribution utilities that helps them achieve distribution grid analytics and automation, which subsequently enables a much more efficient distribution of electricity along with quicker restoration of electricity after power disturbances.
Probus further enables reduced operations and management costs for utilities, and ultimately lower power costs for consumers.
Anil Joshi, Managing Partner, Unicorn India Ventures, said,
“We invested in Probus last year and have seen first-hand the impact it is making on the ground. Leveraging IoT to improve electricity distribution and bringing down grid failure rate by giving discoms insights right at the distribution level is cutting edge work. The bridge round being led by Unicorn India is a testimony to our belief in Probus and the change it is pioneering in the utility segment.”
For the next 12 months, Probus plans to build strong partnerships with various utilities, system integrators, and meter manufacturers for catering to various AMI (Automatic Metering Infrastructure) and loss reduction opportunities.