IoT startup Probus bags $500K in bridge round led by Unicorn India Ventures

Smart grid-focused IoT communications and data analytics business, Probus Smart Things has raised $500K in its bridge round led by Unicorn India Ventures. Angels such as Trimaster’s Anuj Khanna, Theia Ventures’ Kiran Alla, Devdutt Shah, Urmin Group’s Kuntesh Chandaria and Anmol Rastogi have also participated in the round.

According to Delhi-based Probus, the fresh capital will be used to expand its team and operations across both India and overseas.

Founded by Anand Singh and Ankit Vaish, Probus is an integrated IoT platform-based service for distribution grid monitoring and automation. Simply put, it helps develop smart metres to track electricity distribution and wastage.

The company claims to be growing ten-folds in terms of new business and expects to be profitable by FY22. Its product Probus Sense currently processes 30 million data points every month.

This is the fourth investment from Unicorn India Ventures’ Fund II, for which it had raised Rs 400 crore. The previous three investments include Sascan, ChitMonks and Finin.