Probus Smart Things, an IoT communications and data analytics startup, has raised $5 million in Series A1 funding led by Unicorn India Ventures. Indian and US family offices also participated in the round. A combination of debt and equity financing is used in this round.
With a $3 million Series A round in March 2023, Probus has raised more than $8 million in funding to date.
The money raised will be utilized to expand its current communications technology stack into smarter grid and renewable applications, as well as to build on its current knowledge of integrating AI with its patented networking and communications stacks.
Additionally, it will invest in expanding its cutting-edge dual communications network interface modules for smart metering, which are presently being implemented in several Indian states.
Probus, which was founded by Anand Singh, helps utility providers digitize their distribution grid and gain a clear view of their network by providing them with integrated hardware and software solutions.
Probus asserts that it has developed a 400-crore rupee order pipeline that is increasing revenues 10 times and year-over-year by 3 times. Along with opening project offices in Mumbai and Ahmedabad, the company has tripled its workforce, filed for four patents, and established an Innovation Center in Noida.
