IoT Communications and data analytics startup Probus Smart Things has raised $3 million in a Series A funding round led by Unicorn India Ventures (UIV) and a family office from the US. The round also saw participation from existing investors, including angels from the US.
The proceeds will be used for strengthening product R&D, expanding the team, and growing GTM partnerships with ecosystem partners, Probus said in a press release.
Founded by Anand Singh, Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and give clear visibility of their network through Probus’ integrated end-to-end IoT platform.
In the last 12 months, Probus claims to have clocked eight-fold revenue growth and achieved profitability at the PAT level. The company is also aiming to grow its revenues by 6X and double its team size in the next 18 to 24 months.
The company has currently deployed over half a million smart meters products in 4 geographies. In addition to expanding further in India, Probus plans to launch operations in MENA and SEA regions over the next 12 to 18 months.
Probus recently launched a new product for the solar sector to monitor the production efficiency of solar modules in the central inverter solar plans through wireless sensors. The company has already bagged its first order from a major utility company, covering a 78MW solar plant.
UIV is a Mumbai-based early-stage fund house started in 2016 by Anil Joshi and Bhaskar Majumdar. From its first fund, UIV has invested in 17 companies such as SmartCoin, Open Bank, Inc42, Sequretek, Pharmarack, Genrobotics, and Futurecure to name a few. Through its Fund II, a Rs 300 crore fund launched in 2020, UIV has invested in 20 companies so far like Gamerji, ForeignAdmits, Probus, and SocialSwag.