Early-stage venture capital fund house Unicorn India Ventures on Tuesday announced its fourth investment from “Rs 400 crore fund II” in the Internet of Things (IoT)-enabled smart-grid automation startup Probus Smart Things. Probus develops integrated hardware and software solutions for utility providers. It digitizes the distribution grid and functions as an IoT platform based service.
The company raised an undisclosed seed round from Unicorn India which will be used for scaling up the platform and entering new geographies. Co-founder CEO Anand Singh said India is a power surplus country but the distortions in the power sector cost the Indian economy $86 billion in 2016 alone.
“Using our IoT enabled wireless, modular hardware and data analytics platform, we cut through these issues and are enabling electric utilities to make last-mile connectivity reliable by helping India achieve an efficient electricity grid within a fraction of their current costs,” he said.
The solution gives the distributors real-time visibility of asset performance, outages, and root causes analysis along with predictive and preventive maintenance through sensor data with scheduling and tracking of on-field personnel. Anil Joshi, Managing Partner of Unicorn India Ventures, said the service is not just pertinent in India but will fare well in the rest of the southeast Asian market and Europe as well.
The company’s IoT based solution will allow it to provide electricity distribution utilities that will help it achieve distribution grid analytics and automation. This will allow a more accurate, more efficient distribution of electricity along with the quicker restoration of electricity after power disturbances. This in turn will help it to offer reduced operations and management costs for utilities and ultimately lower power costs for consumers.
Probus in the business of developing integrated hardware and software solutions for utility providers and offers services like asset management, outage management, energy management, operations management, and smart metering. It aims to increase the per capita consumption of electricity in India by 10X, which is presently 1/3 of the global average- by reducing the distribution losses in the Indian electricity distribution grid.