IoT communications and data analytics startup Probus Smart Things has successfully raised $5 million in its Series A1 funding round, led by Unicorn India Ventures. Participation came from US-based and Indian family offices. This latest investment includes a mix of equity and debt financing.
Probus has now raised over $8 million in total funding with this round, following its $3 million Series A round in March 2023. The fresh capital will be strategically utilized to enhance its communications technology stack, applying it across multiple smart grid and renewable energy applications. Additionally, the company aims to integrate artificial intelligence into its patented communications and networking solutions.
Probus is also focusing on scaling its dual communications network interface modules for smart metering, which are currently being deployed in various states across India. This investment will support its expansion efforts and technological advancements in the field.
Founded by Anand Singh, Probus Smart Things develops integrated hardware and software solutions for utility providers. The company’s IoT platform enables utilities to digitize their distribution grid, providing enhanced visibility and operational efficiency.
Probus claims to have an order pipeline worth Rs 400 crore and has experienced a 10X revenue growth, with a 3X year-on-year expansion. Additionally, the company has filed for four patents, tripled its team size, and launched an Innovation Center in Noida. It has also established project offices in Mumbai and Ahmedabad to support its growing operations.
With this latest funding, Probus Smart Things is set to further revolutionize IoT communications and AI-driven solutions for the utility sector, strengthening its position as a key player in the smart grid ecosystem.
