Deeptech Startup Probus Raises $5 Mn, Led By Unicorn India

SUMMARY

Probus has raised $5 Mn in Series A1 funding from Unicorn India Ventures, marking the fund's fourth investment in the startup since 2021

The New Delhi-based startup's order book stands at INR 400 Cr, with revenue growing 10X since its last funding round in 2023

Having raised over $8 Mn to date, Probus will use the fresh capital to scale its smart grid technology and expand its metering solutions across India

New Delhi-based Probus Smart Things has secured $5 Mn (INR 41 Cr) in a Series A1 round led by Unicorn India Ventures, with participation from US-based and Indian family offices. The round includes both equity and debt financing.

The deeptech startup will use the capital to scale its communications technology for smart grids and integrate AI capabilities. It also plans to expand its dual communications network interface modules for smart metering, according to a statement from the company.

Founded in 2016, by Anand Singh and Ankit Vaish, Probus develops hardware and software solutions that help power utilities digitise their distribution grids. Its technology enables utilities to monitor their networks and automate power distribution.

The startup previously secured $3 Mn in March 2023 and $500K in 2021. Both the rounds were led by Unicorn India Ventures.

“We will focus on scaling our communication technology stack across multiple smart grid applications while expanding our core technology teams,” the statement quoted Singh as saying.

The startup claims its order book stands at INR 400 Cr, with revenue growing 10 times since its last funding round in 2023. Its client base includes major utilities like Adani Power, Tata Power, and Torrent Power.

This marks Unicorn India Ventures’ fourth investment in Probus. “The company has emerged as a disruptor in the last-mile power distribution ecosystem. Their ability to provide a tech-backed solution that can be rolled out at scale is now a proven approach,” Anil Joshi, managing partner at Unicorn India Ventures, said in the release.

The startup has filed for four patents and opened an innovation centre in Noida, along with project offices in Mumbai and Ahmedabad. With this round, Probus has raised over $8 Mn in total funding to date.

The funding comes as India sees increased investment in clean energy technology. Earlier this month, Bengaluru-based Dynolt Technologies raised $1.7 Mn for its power control systems, while The Energy Company secured $2 Mn to expand its EV battery solutions.

Also, Bengaluru-based The Energy Company, which recently raised $2 Mn, has partnered with Ather Energy to integrate its battery solutions across 2,000 charging stations.

The power sector has seen significant corporate interest, with IBM recently acquiring Bengaluru-based Prescinto to enhance its renewable energy capabilities. Prescinto’s AI technology helps improve clean energy plant generation by 5-7%.