Prescinto raises $3.5 million in a seed funding round

Gujrat: Prescinto, a solar energy software-as-a-service analytics, and monitoring platform has raised $3.5 million (around Rs 25.38 crore) in a seed funding round.

The round in Gujarat-based Prescinto was led by startup incubator and accelerator Venture Catalysts, with participation from Inflection Point Ventures, Mumbai Angels, and LetsVenture.

In December last year, the company said it had raised an undisclosed sum from Venture Catalysts and Sarcha Advisors founder and managing partner Rohit Chanana as part of this seed round.

Prescinto, operated by Prescinto Technologies Pvt Ltd, was set up in 2016 by Puneet Singh Jaggi. The company says its artificial intelligence and Internet of Things-based platform helps increase solar power plant generation by around 7% at a cost of only 0.1% of revenue, leading to a 20-50 times return on investment.

It will use the capital it has raised to fund its international expansion with a focus on the United States, as well as further develop its intellectual property. The company has customers including Macquarie (Stride Climate Investments), Essel Infrastructure, and GMR.