Probus Raises $3 Mn in Series A Round for Data Analytics
- ByStartupStory | March 10, 2023
Probus Smart Things, a startup that focuses on IoT communications and data analytics, has secured $3 million in a Series A funding round, with Unicorn India Ventures (UIV) and a US-based family office leading the round. Probus plans to use the funds to enhance its product R&D, expand its team, and develop go-to-market partnerships with ecosystem partners. The funding round also saw participation from existing investors, including angels from the US.
The startup, founded by Anand Singh, develops integrated hardware and software solutions for utility providers, enabling them to digitize their distribution grid and gain clear visibility of their network via Probus’ end-to-end IoT platform. Probus reportedly achieved eight-fold revenue growth in the last 12 months and reached profitability at the PAT level. The company aims to double its team size and grow its revenues by 6X over the next 18 to 24 months.
Probus Smart Things has deployed more than 500,000 smart meters in four regions and is planning to expand further in India, as well as launch operations in the MENA and SEA regions over the next 12 to 18 months. The company recently introduced a new product for the solar industry that enables the wireless monitoring of solar module production efficiency in central inverter solar plans. Probus has already secured its first order from a large utility firm, covering a 78MW solar plant.
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