IoT communications and data analytics startup Probus Smart Things has raised $3 million from Unicorn India Ventures, a US-based Family Office, and existing investors.
The funds will be used to strengthen the product R&D, expand the team and grow the go-to-market partnerships with ecosystem partners.
Probus develops integrated hardware and software solutions for utility providers. It helps them digitise their distribution grid and have a clear visibility of their network through its integrated IoT platform.
Its IoT solution helps electricity distribution utilities achieve distribution grid analytics and automation. It subsequently enables an efficient distribution of electricity along with quicker restoration of electricity after power disturbances. Probus further enables reduced operations and management costs for utilities, and ultimately lower power costs for consumers.
The company claims that in the last 12 months, it has demonstrated 8X revenue growth and has achieved profitability at PAT level. It has currently deployed over half a million smart meters products in four geographies and doubled the team size.
In addition to expanding further in India, Probus will also be looking to launch operations in MENA and SEA over the next 12-18 months.