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Indian solar monitoring and analytics platform Prescinto Technologies has raised $6.5 million in financing and forayed into the U.S. market.
The company is partnering with a major international energy storage firm for real-time data monitoring.
The fundraising will help Prescinto use analytics to assess its globally installed energy storage assets. It marks the expansion of Prescinto’s technology solutions, comprising the management of over 12 GW of solar and wind energy assets across 14 countries.
The company claims that its monitoring and analytics services help improvements in energy generation of over 7% or more for solar and wind projects and optimization for battery energy storage systems (BESS).
Prescinto’s solutions leverage advanced data-driven intelligence to assist its customers, which helps them make informed asset management and market decisions that maximize the value of their clean assets. The cloud-based, asset-agnostic platform remotely retrieves critical battery data, tracks energy block-wise data, and provides critical insights to enhance asset performance and automation in clean energy operations.
It provides a Software as a Service (SaaS) license for operations and engineering teams with a customized performance analytics tool that can be used to monitor and test battery health and performance, module tracking, and overall digitization of the battery’s life cycle.
Founder and CEO of Prescinto Puneet Singh Jaggi said, “We want to spearhead the digital transformation for clean energy asset owners. This partnership with a global leader in energy storage will be instrumental in opening doors to the energy storage space and our clientele/business in the United States. Our advanced monitoring and analytics technology enable our clients to maximize the value of their energy storage assets through market-specific optimization. This technology brings major disruption to clean energy, amplifying asset effectiveness with the power of data and analytics, and we’re excited to bring it to the North American market.”
Last year, Prescinto announced the close of $3.5 million in seed round funding. The round was led by Venture Catalysts, with participation from Inflection Point Ventures, Mumbai Angels, and Lets Venture.
Earlier, it had raised an undisclosed amount in seed funding from Venture Catalysts, an integrated startup incubator.