Deep Tech Startup Probus Raises $5M in Series A Round Led by Unicorn India Ventures

Indian deep tech startup Probus Smart Things has secured $5 million in Series A funding, bringing its total funding to $8 million. The round was led by existing investor Unicorn India Ventures, marking their fourth investment in the company, with additional participation from US and Indian family offices.

The Delhi-based company, specializing in smart grid technology and power distribution solutions, plans to use the fresh capital to expand its communications technology into renewable energy applications and integrate AI capabilities with its patented networking systems.

"We've emerged as a key player in transforming India's electricity distribution grid," said Anand Singh, Co-founder and CEO of Probus Smart Things. "Our technologies significantly reduce distribution losses and support the country's Net Zero targets."
The company has grown significantly since its last funding round in 2023, with a current order book of Rs 400 crore. Probus counts major utility providers among its clients, including Adani Power, Tata Power, and Torrent Power.

Unicorn India Ventures' Managing Partner Anil Joshi expressed confidence in the company's trajectory: "Probus has proven itself as a disruptor in last-mile power distribution. Their tech-backed solution's scalability and AI integration have been validated by the market."

Probus is currently in the process of scaling up its systems, and a good chunk of the funding will definitely be devoted to this aspect. It will ramp up its dual communications network interface modules for smart metering, which are being implemented across various Indian states. The investment combines equity and debt financing to support the company's expansion plans.