IoT solutions and data analytics startup Probus Smart Things, has raised $3 million from Unicorn India Ventures (UIV) and a family office from the US in a Series A funding round. The round also saw participation from existing investors, including angels from the US.
Founded in 2017 by Anand Singh, Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and give clear visibility of their network through Probus’ integrated end-to-end IoT platform.
In the last 12 months, Probus claims it recorded eight-fold revenue growth and achieved profitability at the PAT level. The company has currently deployed over half a million smart meters products in 4 geographies and doubled its team size. In addition to expanding further in India, Probus plans to launch operations in MENA and SEA regions over the next 12 to 18 months.
This latest round follows a $538,000 bridge round led by its existing investor Unicorn India Ventures and other participators in 2021, bringing the total raised by the startup to $3.67 million, according to Traxcn.
The Delhi-based company said the funds will be used for strengthening product research and development and expanding its team and marketing partnerships.