US-based IT major IBM Tuesday announced acquisition of Prescinto Technologies, a solar energy software-as-a-service analytics and monitoring platform. The Bengaluru-headquartered company counted Venture Catalysts, Pegasus India, Inflection Point Ventures, 9Unicorns Fund, Faad Network Pvt. Ltd and Firstport Ventures LLP among its early backers.
The IBM statement did not mention size of the deal. Prescinto’s sales were at Rs 6.86 crore in the financial year ended March 2023, while losses were at Rs 25.88 crore, as per data available on VCCEdge.
The company, which operates an online platform prescinto.ai, uses AI to monitor, provide analytics and automation to streamline and manage renewable energy operations.
Prescinto's acquisition will enhance the capabilities of IBM Maximo Application Suite (MAS), the US company said.
"The acquisition will further enable IBM to support clients’ sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimize generation," IBM said.
Prescinto Technologies was founded by Puneet Jaggi, Anmol Jaggi, and Sanjay Bhasin in 2016 as part of renewable energy company Gensol and services customers across 14 countries with 16 GigaWatts under management.