Deeptech startup Probus raises $5 million led by Unicorn India Ventures

DeepTech startup Probus Smart Things 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.

The startup has raised over $8 million in funding to date, including the current round.

What does Probus do?

Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and have a clear visibility of their network through Probus integrated end to end IoT platform. A powerful IOT solution for electricity distribution utilities that helps them achieve distribution grid analytics and automation, which subsequently enables much more efficient distribution of electricity along with quicker restoration of electricity after power disturbances.

The startup further enables reduced operations and management costs for utilities, and ultimately lower power costs for consumers.

"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," said Anand Singh, Co-founder and CEO of Probus Smart Things.

Purpose of fundraising

Probus will use the raised capital to scale its current communications tech stack into multiple smart grid and renewable applications along with development of existing expertise into AI integration with its patented communications and networking stacks.

The startup will also be investing in scaling its innovative dual communications network interface modules for smart metering currently being deployed across various states in India.

"With this funding, we will focus on scaling our communication technology stack across multiple smart grid applications while expanding our core technology teams," Singh added.

Financial growth

The startup's last round was in 2023, and since then, Probus claims that it has built an order pipeline of Rs 400 crore, growing 10X in revenues while growing 3X Y-o-Y.

Notably, the startup has filed for 4 patents, tripled the team size and opened a state-of-the-art Innovation Center in Noida along with project offices in Mumbai and Ahmedabad.

"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," said Anil Joshi, Managing Partner, Unicorn India Ventures.

"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," Joshi added.

Probus plans to vertically integrate dual communication technology to increase its expertise in the domain of communications. At the same time, it aims to disrupt the consumer segment of the energy market using AI and first-hand data availability through its communications technology.

Notably, it has partnerships with key utility companies such as Adani, Torrent, and Tata Power.