Prescinto, the artificial intelligence enabled tech startup that provides solutions for the solar industry under a software as a service (SaaS) model has raised $3.5 million in seed round led by Venture Catalysts.
The round also saw participation from Inflection Point Ventures (IPV), Mumbai Angels and Lets Venture.
Prescinto will use the funds raised for international expansion, primarily in the US market, and for IP development.
The startup claims its solution increases the generation capacity of a solar plant by over 5 percent. The AI driven solution identifies the root causes of the plant’s underperformance in real time, and helps in reducing costs of operation and maintenance.
On the funding received, Prescinto founder and CEO Puneet Singh 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.”
According to Prescinto, it has customers such as Macquarie (Stride Climate Investments), Essel Infrastructure, GMR, etc to achieve traction of 3X annual growth reaching over 9 Giga Watts of solar plants across 14 countries.
Mitesh Shah, Co-founder, Inflection Point Ventures said, “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.”
For IPV, this is the seventh deal announced since January 2021. IPV aims to invest Rs 155 crore this year across 60 plus startups.
Inflection Point Ventures is a 3500 plus members angel investing firm that supports new-age entrepreneurs.