Pylon is currently working with several companies across two continents, deploying more than one million end points of Pylon’s smart grid technology, across 15 distribution companies
Egyptian infrastructure management platform for electricity and water companies, Pylon, secured $19 million in a recent seed-funding round with an eye on global expansion.
The startup will use the fund to accelerate engineering and product development, and grow their growth via expansion into other emerging markets, explained a statement, noting South-East Asia, Africa, and Latin America.
Pylon is currently working with several companies across two continents, deploying more than one million end points of Pylon’s smart grid technology, across 15 distribution companies. According to Pylon, their goal is to increase its year-on-year growth by 4x, aiming to boost its smart metering points to three million by 2023.
“Our plug-and-play solution and flexible pricing models give utilities the full benefit of smart grids just by signing with us – increasing their aggregate revenue by up to 40%. With a $22 billion market opportunity, we provide a compelling model for investors who seek a fast-growing, profitable company, which, most importantly, has a significant impact on preserving our planet. Pylon’s ultimate goal is to benefit humanity, our clients, and our stakeholders,” Ahmed Ashour, Co-founder, and CEO of Pylon, said.
Leading the funding round was Endure Capital, with Cathexis Ventures, Khawarizmi Ventures, Loftyinc Ventures, and several other high-profile investors also participating.
The application of the smart electricity grid system can reduce carbon emissions of utility firms in the electricity sector by 25%, as water losses in emerging markets exceed 45 million cubic meters per day, according to Pylon.
