Tech startup Prescinto has raised $3.5 million in a Seed round, participated by Inflection Point Ventures.
The round has been led by Venture Catalysts and saw participation from Mumbai Angels and Lets Venture, a company release said.
It is the 7th deal announcement by IPV since Jan 2021. IPV is likely to invest Rs 155 crore this year across 60 startups.
Prescinto is an IIOT and AI-powered clean energy SaaS platform that increases solar power plant generation by 5%. The platform increases solar power plant generation by nearly 7% at cost of 0.1% of revenue resulting in 20X-50X RoI.
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, the company added.
Inflection Point Ventures Co-Founder Mitesh Shah said, “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 government.”
“We liked Prescinto because of its 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,” he added.
Prescinto Founder and CEO Puneet Singh Jaggi said, “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.”
Prescinto has already demonstrated itself with customers like Macquarie (Stride Climate Investments), Essel Infrastructure, GMR, etc, to achieve traction of 3X annual growth reaching around 9 GW Solar Plants across 14 countries.
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.
Prescinto has been recognised amongst the top 10 AI startups by Stellaris Venture Partners and International Finance Corporation as well as awarded the RE Assets Award for the best data Analytics platform by the Solar Quarter.
The company has established its leadership in the Indian market by working with large customers like Radiance Renewables and SoftBank Energy. Prescinto plans to expand in international markets like the US with a single minded focus on performance enhancement.
With the total market size of renewable energy being $1.2 billion in 2019 and estimated to be $4.6 billion in 2030, Prescinto aims at bringing out the best of innumerable solar plants installed globally.