Prescinto, an AI-enabled technology startup that provide solutions for the solar industry under a Software-as-a-Service (SaaS) model has now secured million in seed funding round backed by the Venture Catalysts.
The round also saw participation from the Inflection Point Ventures, Lets Ventures, and Mumbai Angels.
Prescinto will now going to use the new funds secured for international expansion, IP development, and expansion in the US Market.
The startup also claims that its solution increases the generation capacity of a solar plant by around 5%. The AI driven solution helps to identify the root causes of the plant underperformance in a real tine, and helps in reducing the cost of maintenance and operation.
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.”
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 the IPV, this is the seventh deal revealed since the month of January 2021. It aims to invest INR 155 crore this year across the 50+ startups.
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