January 19, 2025: Probus Smart Things on Wednesday raised $5 million in a Series A funding to upgrade its exisiting communications tech stack into multiple smart grid and renewable energy applications. Furthermore, the firm will develop its present expertise into AI integrations with its patented communications and networking stacks.
Anil Joshi, Managing Partner, Unicorn India Ventures, in a statement 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.”
The developer of hardware and software solutions for utility providers, which also helps digitise distribution grids, plans to invest in scaling its dual communications network interface modules for smart metering. These smart meters are now being deployed across various states in India.
Probus Smart Things Revenues Grow 10X since 2023
The firm, which has major utility players like Adani Power and Tata Power as partners, last secured investment in 2023 and has seen its revenue grow 10X since then.
“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,” commented Anand Singh, Co-founder and CEO, Probus Smart Things.
The latest round of funding was led by Unicorn India Ventures, marking the VC firm’s fourth round of investment into the deep tech startup. The round, which was a mix of equity and debt financing, also saw participation from US-based and Indian family offices. With the closing of the current fundraise, the company has raised over $8 million in funding.
