Probus Smart Things, a business in IoT communications and data analytics, has secured $3 million in a Series A fundraising round headed by Unicorn India Ventures (UIV) and a US family office. Existing investors, notably US angels, took part in the round as well.
According to a press statement from Probus, the money will be spent on enhancing product R&D, growing the staff, and extending GTM connections with ecosystem partners.
Anand Singh founded Probus, which creates integrated hardware and software solutions for utility companies. Probus’ integrated end-to-end IoT platform assists utility providers in digitising their distribution grid and providing visual visibility of their network.
Probus asserts that in the previous 12 months, revenue increased by eight times, and PAT profitability was attained. In addition, the firm wants to expand its staff size and boost sales by 6X over the following 18 to 24 months.
Around 500,000 smart meter solutions have been implemented by the firm across four different countries. During the following 12 to 18 months, Probus intends to begin operations in the MENA and SEA areas in addition to furthering its expansion in India.
In order to track the production effectiveness of solar modules in central inverter solar plans using wireless sensors, Probus has introduced a new device for the solar industry. The business has already received its first order, which will fund a 78 MW solar installation, from a significant utility firm.
Anil Joshi and Bhaskar Majumdar founded UIV, a Mumbai-based early-stage fund house, in 2016. With its inaugural fund, UIV has made investments in 17 businesses, including, to mention a few, SmartCoin, Open Bank, Inc42, Sequretek, Pharmarack, Genrobotics, and Futurecure. UIV has so far invested in 20 businesses, including Gamerji, ForeignAdmits, Probus, and SocialSwag, through its Fund II, a Rs 300 crore fund launched in 2020.