IIOT and AI-powered clean energy 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. This year it is the 7th deal announcement by Inflection Point Ventures (IPV) and is likely to invest Rs 155 crore this year across 60 plus startups.
Prescinto is one of the leading tech startups, who is reinventing the renewable energy industry through its AI-powered platform. The platform has increased solar power plant generation by ~7% at a cost of 0.1% of revenue resulting in 20X-50X RoI.
The AI platform at the solar company 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.
Puneet Singh Jaggi, Founder and CEO of Prescinto says, “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 a much quicker time.”
With the total market size of renewable energy being $1.2 Bn in 2019 and estimated to be $4.6 Bn in 2030, Prescinto aims at bringing out the best of innumerable solar plants installed globally. The platform is beneficial for solar plant owners, project operators and site team members by helping them with automation and optimizing inventory.
Mitesh Shah, Co-Founder, Inflection Point Ventures stated, “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.”