IBM acquires Bengaluru-based SaaS startup Prescinto
The acquisition of Prescinto is expected to strengthen IBM's solution offerings in the renewable energy space.
Global technology company IBM has acquired Bengaluru-headquartered software-as-a-service (SaaS) startup Prescinto for an undisclosed amount.
Founded in 2016 by Anmol Singh Jaggi, Puneet Jaggi, and Sanjay Bhasin, Prescinto provides asset performance management (APM) software for the renewable energy segment.
A statement from IBM said, the acquisition will further enable it 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 optimise generation.
The software solutions of Prescinto include advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets. It has customers across 14 countries with 16 GW under management.
Prescinto has raised $15.7 million in funding from several investors, including LetsVenture, Venture Catalyst, and Inflection Point Ventures, according to data from Tracxn.
According to IBM, organisations are increasingly turning to alternative energy sources like wind, solar, and energy storage to help reduce emissions and lower energy costs. However, it is very challenging to effectively manage and maximise the performance of high-tech devices like turbines, solar panels and inverters, which generate power from renewable energy assets.
For example, a solar power plant can become less efficient over time due to accumulated dirt and debris on its panels. Renewable APM software can use visual recognition capabilities to help monitor these assets, identify issues before they become critical, and prompt the necessary actions to restore optimal efficiency, the company said in a statement. This would allow for real-time tracking of panel performance, streamline required cleaning, and enable organisations’ prompt response before energy output decreases.
The acquisition of Prescinto is expected to enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management. Moreover, it is expected to further IBM’s leadership in the energy and utility space. Water, natural gas, oil, nuclear, and other energy and utility enterprises globally already utilise IBM MAS, the statement said.
Edited by Kanishk Singh