Probus Smart Things, a Mumbai-based deep tech startup specializing in smart grid applications, has raised $5 million in a Series A funding round led by Unicorn India Ventures. This marks the venture capital firm's fourth investment in Probus, underscoring their confidence in the company's innovative solutions for the power distribution sector.
Funding Details and Utilization
The funding round, comprising both equity and debt components, also saw participation from U.S.-based and Indian family offices. With this infusion, Probus's total funding to date exceeds $8 million. The newly acquired capital is earmarked for scaling the company's existing communications technology stack across multiple smart grid and renewable energy applications. Additionally, Probus plans to enhance its patented communications and networking systems by integrating advanced artificial intelligence capabilities.
Company Achievements and Growth
Since its last funding round in 2023, Probus has demonstrated remarkable growth, achieving a tenfold increase in revenue and building an order pipeline valued at ₹400 crore. The company has also filed four new patents, tripled its team size, and inaugurated a state-of-the-art Innovation Center in Noida, with additional project offices in Mumbai and Ahmedabad.
Leadership Insights
Anil Joshi, Managing Partner at Unicorn India Ventures, expressed confidence in Probus's trajectory, stating, "This is our fourth round of investment in Probus as we believe that the company has emerged as a disruptor in the last-mile power distribution ecosystem." He highlighted the company's robust order book and its proven approach to delivering scalable, tech-backed solutions integrated with AI.
Anand Singh, Co-founder and CEO of Probus Smart Things, emphasized the company's mission to digitize India's electricity distribution grid. He noted that their cutting-edge communications technologies and data analytics are central to reducing distribution losses and propelling the country toward its Net Zero targets. Singh also highlighted Probus's evolution into a trusted deep tech partner for industry leaders such as Adani Power, Tata Power, and Torrent Power.
Our Opinion on the News
Probus Smart Things' successful Series A funding round reflects a growing investor confidence in innovative solutions addressing India's power distribution challenges. The company's strategic focus on integrating AI into smart grid applications positions it well to capitalize on the increasing demand for efficient energy management systems. As Probus continues to expand its technological capabilities and market reach, it is poised to play a pivotal role in modernizing the nation's energy infrastructure.