IBM acquires solar-focused SaaS startup Prescinto

Industrial research organization IBM has acquired Prescinto, an asset performance management (APM) software-as-a-service (SaaS) provider for renewables. 

Prescinto raised $3.5 million in a seed round led by Venture Catalysts in March 2021.

Prescinto’s capabilities use AI to enable advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets. 

Founded by Puneet Jaggi , Anmol Jaggi and Sanjay Bhasin, the Bengaluru-based firm works with services global customers across 14 countries with 16 GigaWatts under management. 

Puneet Jaggi and Anmol Jaggi are co-founders of mobility company BluSmart.

The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management. As per the company, water, natural gas, oil, nuclear, and other energy and utility enterprises globally already utilize IBM MAS. 

The acquisition will further enable IBM 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.