Probus Smart Things, a deeptech startup focused on smart grid applications has raised $5 million in a Series A1 funding round led by Unicorn India Ventures.
The round also saw participation from notable US-based and Indian family offices. The current round is a mix of equity and debt financing.
Probus has raised over $8 million in funding to date including the current round. Previously Probus had raised $3 million in Series A funding round in March 2023.
The funds raised will be used to scale its current communications tech stack into multiple smart grid and renewable applications along with the development of existing expertise into AI integration with its patented communications and networking stacks.
Probus Smart Things will also be investing in scaling its innovative dual communications network interface modules for smart metering currently being deployed across various states in India.
Anand Singh, Co-founder CEO, Probus Smart Things, said, “At Probus, our mission is to enable the last-mile digitization of India’s electricity distribution grid, a transformation that is significantly reducing distribution losses at scale and propelling the country toward its Net Zero targets. Our cutting-edge Communications Technologies and Data Analytics lie at the heart of this transformation. Leveraging our strength in diverse communication stacks and deep expertise in network hardware, Probus has evolved into a trusted DeepTech partner for leading customers like Adani Power, Tata Power, and Torrent Power. With this funding, we will focus on scaling our communication technology stack across multiple smart grid applications while expanding our core technology teams.”
“Last year, we introduced a game-changing innovation in the smart metering segment with our Dual Communications Network Interface Card. This breakthrough has the potential to revolutionize the smart metering industry by significantly lowering the total cost of ownership for utilities and driving greater customer adoption. Together, we are shaping a future aligned with a more sustainable economy and accelerating progress toward achieving Net Zero targets,” he added.
Anil Joshi, Managing Partner, Unicorn India Ventures, said, “This is our fourth round of investment in Probus as we believe that the company has emerged as a disruptor in the last mile power distribution ecosystem. With the order book standing at Rs 400 crore, it is clear that their understanding of the problem, their ability to provide a tech-backed solution that can be rolled out at scale and AI integration is now a proven approach. While the current product offerings are ahead of available solutions in the market, the team has not only kept innovating to make themselves relevant to the changing requirement but has been continuously investing in R&D to keep coming out with cost-effective innovative solutions. We see Probus as one of the category-winning startups from our portfolio.”
Founded in 2017 by Anand Singh and Ankit Vaish, Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and have clear visibility of their network through Probus’s integrated end-to-end IoT platform.
Probus plans to vertically integrate dual communication technology to increase its expertise in the domain of communications. Its partnership with key utilities companies such as Adani, Torrent, and Tata Power will help to implement such solutions smoothly.
The company’s last round was in 2023 and since then Probus has built an order pipeline of ₹400 crores growing 10X in revenues while growing 3X Y-o-Y. The company has filed for 4 patents, tripled the team size and opened an Innovation Center in Noida along with project offices in Mumbai and Ahmedabad.
