US-based IBM acquires Bengaluru-based SaaS startup Prescinto; Here's why

US-based technology company IBM has acquired Prescinto, a Bengaluru-based provider of asset performance management (APM) software-as-a-service (SaaS) for renewables.

Prescinto offers software-as-a-service (SaaS) solutions that leverage artificial intelligence (AI) to enable advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets.

Enhancing capabilities

The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management.

Moreover, it will further IBM’s leadership in the energy and utility space, an industry undergoing significant transformation and seeking solutions to manage and optimize wind, solar, and other renewable energy storage assets. Water, natural gas, oil, nuclear, and other energy and utility enterprises globally already utilize IBM MAS.

The role of AI in renewable energy management

Prescinto's AI-driven solutions are designed to address the growing challenge of managing complex renewable energy systems. As the global shift towards renewable energy sources like wind and solar power intensifies, organizations face difficulties in maintaining and optimizing high-tech assets such as turbines and solar panels.

These assets are sensitive to environmental factors like weather and debris, which can significantly reduce their efficiency. Prescinto’s technology enables real-time tracking and monitoring, helping operators quickly identify issues, such as debris on solar panels, and respond before performance is compromised.

According to Allied Market Research, the value of the global utilities asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with a CAGR of 11.3%.

Supporting sustainability and net-zero goals

The acquisition will further enable IBM to support clients’ sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimize generation.

Prescinto's market presence

Founded in 2016 by Puneet Singh Jaggi and Akhil Khurana, Prescinto has established itself as a global player in renewable energy asset management, with operations spanning 14 countries and 16 gigawatts of energy assets under management.

The startup's platform is known for its robust data capture capabilities, real-time monitoring features, AI-driven analysis, and actionable recommendations that streamline operations and maintenance processes for renewable energy projects.