Prescinto

About Prescinto

Prescinto operates as a software-as-a-service (SaaS) provider with a focus on the renewable energy sector, offering an AI-powered platform for asset performance management. Founded in 2016 by Puneet Singh Jaggi, Ramadas C Menon, and Sanjay Bhasin, the Bengaluru-based company was established to address the challenge of optimizing the performance of clean energy assets. Puneet Jaggi, a chemical engineering graduate from IIT Roorkee and a serial entrepreneur in the clean energy space, also co-founded Gensol and BluSmart, bringing extensive domain experience to the venture.

The company's core business revolves around its advanced monitoring IoT platform that utilizes artificial intelligence and data science models to analyze data from solar, wind, and energy storage assets. This enables clients, which include asset owners and operators like SoftBank Energy and Macquarie, to identify causes of underperformance, receive actionable insights, and automate operations and maintenance processes. The platform provides services such as real-time monitoring, predictive maintenance, and data-driven recommendations to increase energy generation by up to 7% and reduce operational costs. Prescinto's business model is subscription-based, offering customizable packages for monitoring, analysis, and operations.

Serving a global clientele across 14 countries, Prescinto managed over 16 gigawatts of renewable energy assets prior to its acquisition. The company's platform is designed to be vendor-agnostic, allowing for seamless integration and centralized visualization of diverse energy portfolios. A significant milestone for the company was its acquisition by IBM in October 2024 for an undisclosed amount. This strategic move was intended to enhance IBM's Maximo Application Suite, strengthening its asset lifecycle management capabilities for the energy and utility industry, which is projected to grow substantially. Before the acquisition, Prescinto had successfully raised approximately $15.7 million in funding over several rounds from investors including LetsVenture, Venture Catalysts, and Inflection Point Ventures.