Prescinto Technologies Pvt. Ltd, a startup focussed on solar monitoring and analytics, has raised seed funding from startup incubator and accelerator Venture Catalysts.
Other participants in this round include Sarcha Advisors founder and managing partner Rohit Chanana, Ahmedabad-based Prescinto said in a statement. It didn’t disclose the amount it raised.
Prescinto was set up in 2016 by Puneet Singh Jaggi, Sanjay Bhasin and Ram Menon. The company says its artificial intelligence-based platform focusses on performance enhancement to increase the power generation and returns-on-investment (RoI) of solar plants.
It operates on a software-as-a-service model and acts as a vendor agnostic platform that offers services including data acquisition and visualisation, analytics, and operations and maintenance automation.
“The next wave of profitability for renewable energy players will come from performance enhancement as the margins narrow down further,” Jaggi said.
The company claims its patent-pending solutions have provided insights that have led to an increase of around 7% in power generation, as well as a 20-50 times RoI for plant owners and operators.
The investment in the company is the latest bet for Venture Catalysts, which was set up in 2015 by Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain. It invests between $250,000 and $1.5 million in early-stage startups and provides networking opportunities and mentoring to its portfolio companies.
Its recent investments include performing arts platform STAGE, insurance-technology startup Ensuredit, AI-based culinary platform Klovechef, beverage brand BrewHouse Tea Brewing Co., employee service desk platform Rezolve.ai, retail-technology startup Gully Network, and electric vehicle charging services startup Charge+Zone.