Founded in 2016 by Puneet Singh Jaggi, Prescinto Technologies Private Limited works on building software that enables clean energy companies to extract the full potential of their assets. The company’s co-founders are Sanjay Bhasin and Ram Menon. Headquartered in Ahmedabad, the company provides an artificial intelligence (AI)-powered clean energy software-as-a-service (SaaS) platform that helps in raising the power production from solar power plants. The AI-powered SaaS platform collects plant data, applies data science models to identify causes of plant underperformance, and provides actionable insights for work orders to the plant crew to increase power generation. The company’s clientele includes SoftBank Energy, Stride Climate Investments (part of the Macquarie Asia Infrastructure Fund), Essel Infrastructure, GMR and Radiance Renewables. As of now, the company is monitoring over 12,000 MW of clean energy projects. The smart operations of the company have been deployed in more than 14 countries globally.
The platform has assisted in increasing the generation capacity of solar power plants by nearly 7 per cent as its AI systems recognise the root cause for plant underperformance in real time, thus reducing the plant losses. Furthermore, it assists in lowering the operations and maintenance (O&M) cost of the plants. The company focuses on a three-solution approach of monitoring, analysing and operating.
Prescinto’s analytics model
The company’s model encompasses a platform that consists of postulated patterns and projects efficiency, and provides timely notifications by evaluating volumes of historical and real-time data. Factors such as solar irradiance, module temperature, and electrical parameters such as AC and DC power generated at each of the inverters are among the few time-series data points that are collected for analysis. The plant operators further receive timely insights to perform preventative maintenance for the effective assessment and prediction of plant events.
The digitalisation of operations is streamlined with daily activities across the plant for efficient task management. This speeds up the problem assessment and troubleshooting processes. The recorded data is efficiently segmented into controllable and uncontrollable losses in the platform’s back-end database, and the corresponding maintenance actions are delivered contextually to the ground team via a built-in CMM (chassis management module). This involves the simple transfer of responsibilities among multiple resources. Such applications also allow for integrated communication that helps in remote monitoring. They also allow the operators to keep an eye on the power generation activities.
The deployment of such an analytics model by the company helps in the absorption of high frequency data in real time across project portfolios to gain actionable insights. Further, it eases the process of decision-making and enhances the asset performance. It supports the reduction of costs and improves accountability by streamlining O&M activities.
Recent developments
The company has recently been in the news for its successful fundraising round in the US. In September 2022, Prescinto announced that it had successfully raised $6.5 million in a financing round and was launched in the US market with its first US-based client. The partnership entails real-time data monitoring and analytics of energy storage assets installed by the company on a global level.
In March 2022, Prescinto and Integrum Energy collaborated for the latter’s hybrid plants, including digital transformation of the client’s existing 100 MW of assets across India. Prescinto’s platform will be used by Integrum to gain intelligence on their wind, solar, and hybrid portfolio. Prescinto will also provide real-time monitoring and analytics for the wind and solar farms of Integrum in India.
In March 2021, Prescinto raised $3.5 million as part of a seed round led by Venture Catalysts. Inflection Point Ventures, Mumbai Angels and LetsVenture also participated in this round. The company was looking to use the funds to expand in international markets such as the United States with a focus on performance enhancement.
Outlook
Looking forward, there are continuous innovations taking place for the digitalisation and technological upliftment of the green energy sector. All such automation and technological solutions aim to maximise the efficiency of renewable power generation. In terms of business model, SaaS is gaining uptake in India.
Prescinto entered a phase of product development during the period of 2017 to 2019. The company has been scaling up since 2019. In the long run, it aims to lead the digital transformation of clean energy assets. With its entry into both the energy storage market and the North American market, Prescinto is taking rapid strides towards its goal of becoming a leading operating system for renewable energy projects globally.
