Solar monitoring and analytics platform Prescinto has announced the close of $3.5 million in seed round funding. The round was led by Venture Catalysts, with participation from Inflection Point Ventures, Mumbai Angels, and Lets Venture, amongst other prominent Angel Investors and Funds.
The funds would be used for international expansion, primarily the US market, and further IP (intellectual property) development, pushing for significant artificial intelligence developments. Prescinto plans to expand to and capture International markets through its single-minded focus on performance enhancement.
Puneet Singh Jaggi, Founder and CEO at Prescinto said, “At Prescinto, we are building the brain of solar projects using AI. We believe that we are building tech, which will herald the future of clean energy in India and across the world. I am extremely thankful for the trust of our investors who have partnered with us in this very exciting journey ahead!”
Prescinto’s patented SaaS platform claims to increase solar power generation by 5% while reducing the project operations and maintenance costs. According to the company, artificial intelligence (AI) identifies the root causes of the plant’s underperformance in real-time, resulting in a 20X return for plant owners and operators. The platform is designed for vendor-agnostic connectivity and real-time insights for solar projects.
Mitesh Shah, co-founder, Inflection Point Ventures, says, “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.”
Nandini Mansinghka, co-promoter, and CEO, Mumbai Angels Network, said, “Prescinto has developed an AI platform that helps renewable energy players increase their profitability by increasing the power generation and return-on-investment (RoI) of solar plants. This investment will accelerate Prescinto’s growth trajectory, and we are delighted to welcome Prescinto in our diversified portfolio.”
In December 2020, the company had announced that it raised an undisclosed amount in seed funding from Venture Catalysts, an integrated incubator for startups. According to its press statement, angel investor Rohit Chanana and several others also participated in the seed funding round.
Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.