Pylon closes USD 19 mn seed round
Infrastructure management platform Pylon has raised USD 19 mn in a seed funding round led by Endure Capital, Cathexis Ventures, Khwarizmi Ventures, LoftyInc Capital and angel investors, the startup announced in a statement (pdf). The investment includes an unspecified mix of equity and debt and will be used to help the company expand into new markets and develop its product offering.
About the company: Launched in 2017, Pylon provides what it calls “smart metering as a service” to water and electricity distribution companies. It uses data analytics and AI to detect where electricity is being stolen and where losses are happening on the grid, helping distribution companies reduce losses, increase efficiency and improve their revenues.
Where does it operate? The company is currently active in Egypt and the Philippines, according to TechCrunch, and now serves more than 1 mn meters. It works with five of Egypt’s nine distribution companies, serving 500k meters across South Cairo, the South Delta, Alexandria, the canal region, and Middle Egypt, and operates meters in Madinaty and Mostakbal City.
By the numbers: The company has reached profitability less than five years after its launch, and experienced 3.5x growth last year.
Expansion plans: The company is targeting new emerging markets in Southeast Asia, Africa and Latin America, it said.