The round also saw participation from prominent angels like Anuj Khanna of Trimaster, Kiran Alla, Theia Ventures, Devdutt Shah, Kuntesh Chandaria, Urmin Group and Anmol Rastogi.
Founded in 2018, Probus develops integrated hardware and software solutions for utility providers and helps digitise their distribution grid and have a clear visibility of their network through Probus integrated end to end IoT platform.
“This past year, we have been working closely and continuously with our partner utilities to help save them money in distribution networks by leveraging our communications and analytics solutions. Even during the challenging times of the second COVID wave during peak summers, our field teams had worked as essential services to keep the network up and running,” said Anand Singh, cofounder and CEO, Probus Smart Thing.
“With the current funding round, we will be expanding our team and product offerings while looking to fulfill our order pipeline.”
“We invested in Probus last year and have seen first-hand the impact it is making on the ground. Leveraging IoT to improve electricity distribution and bringing down grid failure rate by giving discoms insights right at the distribution level is cutting edge work,” said Anil Joshi, managing partner, Unicorn India Ventures.
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According to the company, the Indian distribution sector is plagued with minimal real-time information of distribution asset performance, outage information and man-power utilization are still not implemented. Digitization of the distribution grid through IoT enabled technology is the only way forward to drive change.
This is the eight investment from fund II by Unicorn India Ventures, a Mumbai-based early stage fund founded by Anil Joshi and Bhaskar Majumdar. Its Rs 400 crore second fund was launched in 2019.
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