IBM Acquires Solar Monitoring Platform Prescinto to Strengthen Energy and Utility Solutions Prescinto, founded in 2016, uses AI to provide advanced monitoring, analytics, and automation for renewable energy operations, helping organisations optimise wind, solar, and energy storage assets for improved efficiency and power generation.
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IBM has announced the acquisition of Bengaluru-based Prescinto Technologies, a leading solar monitoring and analytics platform that provides asset performance management (APM) software-as-a-service (SaaS) for the renewables sector.
While the financial details of the deal were not disclosed, this acquisition marks a significant step for IBM in enhancing its capabilities within the energy and utility space.
Prescinto, founded in 2016 by Puneet Jaggi, leverages artificial intelligence (AI) to deliver advanced monitoring, analytics, and automation solutions for renewable energy operations. The platform helps organisations manage wind, solar, and energy storage assets with the aim of improving operational efficiency and maximising power generation.
With clients across 14 countries and 16 gigawatts of assets under management, Prescinto's APM solutions simplify the operations and maintenance of renewable energy assets, helping companies optimise their return on investment (ROI).
IBM stated that the acquisition of Prescinto will enhance the IBM Maximo Application Suite (MAS), its solution for asset lifecycle management. By integrating Prescinto's technology, IBM aims to offer comprehensive solutions for managing renewable energy assets in a rapidly evolving sector.
Prescinto has received backing from notable venture capital funds, including Venture Catalysts, Inflection Point Ventures, Mumbai Angels, and LetsVenture, further demonstrating the company's potential and market appeal.
IBM's move comes as the global utilities asset management market is expected to grow significantly, with Allied Market Research estimating an increase from USD 4.3 billion in 2022 to USD 12.4 billion by 2031, at a compound annual growth rate (CAGR) of 11.3%.
This acquisition reflects IBM's ongoing strategy to expand its capabilities in software, cloud, automation, AI, and data, aligning with the company's efforts to lead in the energy transformation space.
