Solar analytics startup company Prescinto has raised USD 3.5 million in a seed round of funding, participated by Inflection Point Ventures. Prescinto is an IIoT and artificial intelligence (AI) platform designed for vendor-agnostic connectivity and real-time insights for solar plants.
March 18, 2021. By Manu Tayal
Solar analytics startup company Prescinto has raised USD 3.5 million in a seed round of funding, participated by Inflection Point Ventures.
Prescinto is an IIoT and artificial intelligence (AI) platform designed for vendor-agnostic connectivity and real-time insights for solar plants.
The round has been led by venture catalysts and saw participation from Mumbai Angels and Lets Venture. It is the 7th deal announcement by Inflection Point Ventures (IPV) since Jan this year.
IPV is a angel investing firm with 3500+ strong members that supports new-age entrepreneurs, providing them monetary and experiential capital by connecting them with a diverse group of investors. The firm is likely to invest Rs 155 crore this year across 60 plus startups.
Prescinto’s AI identifies the root causes of the plant’s underperformance in real-time and helps in reducing costs of operation and maintenance. With an aim to increase clean energy without additional investment, the startup identifies and reduces the losses in the plant. This resulted in a return of 20X-50X for solar asset owners and operators in the first year itself.
Commenting on the development, Mitesh Shah, Co-Founder, Inflection Point Ventures says, “Switching to clean energy is no more an option but a must do for industries. Alternate energy sources like Solar and Wind are game changing and have been supported by the Govt. We liked Prescinto because of their technologically disruptive idea which doesn't need high capital deployment and serves a critical need of enterprises running large scale alternate energy projects. The Founding team’s experience in this domain elevated our confidence in them, and hence we backed the startup.”
“At Prescinto, we are building the brain of solar projects using AI. We are building tech which will herald the future of clean energy not only in India but across the world. To have a partner and a supportive investor in IPV, it will only help us reach our aspirations in much quicker time,” said Puneet Singh Jaggi, Founder and CEO, Prescinto.
The AI-powered SaaS platform collects the data of the concerned plant, applies data science models, resulting in identifying causes of underperformance. The tool also suggests ways how the plant can improve the generation.
Meanwhile, Prescinto is planning to expand in international markets like the US with a single minded focus on performance enhancement.
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