Prescinto, an SaaS platform that aims to revolutionize the solar power industry by improving efficiency of solar plants, has raised $3.5mn in seed funding in a round led by Inflection Point Ventures.
The round also saw participation from Venture Catalysts, Mumbai Angels and Lets Venture.
With this, Prescinto will work to realize its goal of improving solar power plants across the world, as finding new and renewable sources of energy becomes more and more important in the wake of increasing global warming.
The startup, which operates an AI and Machine Learning driven platform, helps solar plants identify root causes behind underperformance, and helps them address these issues by providing sound and robust solutions. With this, the company has helped plants increase their production by 5%.
“The platform increases solar power plant generation by ~7% at cost of 0.1% of revenue resulting in 20X-50X RoI,” the company said in a press release.
The biggest catch? Prescinto does all of this without any major additional investments. All a plant has to do is let the startup’s algorithm find out flaws in its operations, and then make adjustments based on the recommendations. This is especially critical for an industry like Solar power generation, as we have still barely scratched the surface of what its capable of, and thus, a solution that helps improve power output without any major investments is the need of the hour.
Prescinto has already demonstrated itself with customers like Macquarie (Stride Climate Investments), Essel Infrastructure, GMR, etc, to achieve traction of 3X annual growth reaching ~9 GW Solar Plants across 14 countries.
The sentiment is echoed by Mitesh Shah, Co-Founder, Inflection Point Ventures, who says, “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.”
The startup has already made its mettle known in the Indian market, and has been onboarded by the likes of Radiance Renewables and SoftBank Energy.
However, it now plans to expand to other countries, including the US, with a single minded focus on performance enhancement.
Puneet Singh Jaggi, Founder and CEO, 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 much quicker time.”