IBM Buys Prescinto To Expand Its Renewable Energy Efforts
by Garima Ranjan · Inc42SUMMARY
- IBM has been actively working on boosting AI adoption in India for some time now
- The company counts a host of marquee investors and venture capital funds including startup incubator and accelerator Venture Catalysts, Inflection Point Ventures, Mumbai Angels and LetsVenture
- Prescinto uses artificial intelligence to identify the root causes of plants’ underperformance in real-time and suggest actions to improve generation in clean energy plants by 5 to 7%. It helps in reducing costs of operation and maintenance
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Tech giant IBM has reportedly bought Bengaluru-based SaaS solar energy startup Prescinto as a part of its effort to expand its renewable energy businesses.
Although IBM did not disclose the financial terms of the deal but said that the move will boost the capabilities of IBM Maximo Application Suite (MAS), its solution for asset lifecycle management.
As per ET, citing IBM’s statement, “The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management. It will further IBM’s leadership in the energy and utility space, an industry undergoing significant transformation and seeking solutions to manage and optimise wind, solar, and other renewable energy space.”
Inc42 has reached out to Prescinto for comments on the development. The story will be updated based on the response.
Founded in 2016 by Puneet Jaggi Ramadas Menon and Sanjay Bhasin, Prescinto uses artificial intelligence to identify the root causes of plants’ underperformance in real-time and suggest actions to improve generation in clean energy plants by 5 to 7%. It helps in reducing costs of operation and maintenance.
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IBM has been actively working on boosting AI adoption in India for some time now
The company counts a host of marquee investors and venture capital funds including startup incubator and accelerator Venture Catalysts, Inflection Point Ventures, Mumbai Angels and LetsVenture.
The tech giant has been witnessing a host of developments recently.
For instance, last month, L&T Semiconductor Technologies (LTSCT) entered into a research and development collaboration with tech major IBM to design advanced processors.
Also earlier in June, the Gujarat government signed a memorandum of understanding (MoU) with IBM to set up an AI cluster at the Gujarat International Finance Tec (GIFT) City.
It is pertinent to note that the partnership announcement comes almost a year after IBM signed a memorandum of understanding (MoU) with the India Semiconductor Mission to accelerate innovations in the field of semiconductor technology.
Recently, the Centre also approved the proposal of Kaynes Semicon to set up a semiconductor unit in Gujarat with an investment of INR 3,300 Cr.