With an aim to help energy utilities to save money in last-mile power distribution segment, Mumbai-based early stage VC fund house Unicorn India Ventures (UIV) has recently invested in (Internet of Things) IoT enabled Smartgrid automation startup Probus Smart Things Pvt Ltd.
Probus is in the business of developing integrated hardware and software solutions for utility providers.
This is the fourth investment of UIV since March 2020 out of Rs 400 crore Fund II, however, the company didn’t disclose the investment amount in this seed round of funding.
Probus said that the funding will be used for scaling up the platform and entering new geographies. Also, it has developed integrated hardware and software solutions for utility providers.
Moreover, the company said that it has digitized the distribution grid and functions as an IoT platform based service.
Commenting on the funding received, Anand Singh, Co-founder CEO, Probus Smart Things, said, “India is a power surplus country, but the distortions in the power sector has costed the Indian economy USD 86 billion in 2016 alone. Current technologies like SCADA are expensive and not scalable in terms of the size & complexity of India’s electricity distribution grid. Using our IoT enabled wireless, modular hardware & data analytics platform, we cut through these issues and are enabling electrical utilities to make last mile connectivity reliable by helping India achieve an efficient electricity grid within a fraction of their current costs.”
Besides, the IoT solution of Probus is helpful for power distribution utilities (Discoms) in achieving distribution grid analytics and automation, which subsequently enables a much more efficient distribution of electricity along with quicker restoration of electricity after power disturbances.
It also helps Discoms in reducing operations and management costs for utilities, and ultimately lower power costs for consumers.
“The electricity distribution infrastructure is ripe with opportunities for innovation and the ability to embrace the elements of smart grid infrastructure. Probus enables electricity distribution companies to rapidly digitize their infrastructure and processes by bringing cost reduction and operational efficiency. This is a service that isn't just pertinent in India but will fare well in the rest of the South East Asian market and Europe as well,” said Anil Joshi, Managing Partner, Unicorn India Ventures.
During the COVID-19 pandemic the need for digitized distribution grid was reinforced for efficient and timely billing and loss reduction.
Meanwhile, this solution also provides distributors with real-time visibility of asset performance, outages, root cause analysis, along with predictive and preventive maintenance through sensor data with scheduling and tracking of on-field personnel.
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