IoT, data analytics startup Probus Smart Things raises $5 mn in Series A1 funding round

Internet of Things (IoT) communications and data analytics startup Probus Smart Things Wednesday said it has raised $5 million (~Rs 43 crore) in Series A1 led by Unicorn India Ventures, along with participation from US-based and Indian family offices.

The latest round, in the form of equity and debt financing, takes the eight-year-old startup’s total funding to $8 million.

The Delhi-based startup said it will utilise the funds for scaling up its communications technology stack to serve multiple smart grids and renewable energy applications, and integrate artificial intelligence (AI) into its patented communications and networking stacks.

Probus further said it will also be investing in scaling its dual communications network interface modules for smart metering currently being deployed across various states in India.

The startup counts utility providers such as Adani Power, Torrent Power, and Tata Power as its key partners, and said it has an order book of approximately Rs 400 crore at present.

Probus develops integrated hardware and software solutions for utility providers and helps digitise their distribution grid to provide clear visibility of their network through its integrated end-to-end IoT platform. The startup’s solution further enables reduced operations and management costs for utilities, and lower power costs for consumers.

“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,” said Anil Joshi, Managing Partner, Unicorn India Ventures.

The company’s last funding round was in 2023 and since then, Probus said its revenue has grown 10-fold. Probus has filed for four patents, tripled the team size and opened an Innovation Center in Noida along with project offices in Mumbai and Ahmedabad.

“At Probus, our mission is to enable the last-mile digitisation of India’s electricity distribution grid, a transformation that is significantly reducing distribution losses at scale and propelling the country toward its net zero targets. Our cutting-edge communications technologies and data analytics lie at the heart of this transformation,” said Anand Singh, Co-founder CEO, Probus Smart Things.

Probus has redesigned its current product portfolio for substation automation and also developed and patented a dual communication technology for smart meters providing guaranteed downlink service-level agreement or SLA. This solution combines both cellular and Bluetooth technologies into one communication module.