IBM has bought Prescinto, a company that offers asset performance management (APM) software as a service (SaaS) for green energy.
IBM has announced its acquisition of Prescinto, a cutting-edge software-as-a-service (SaaS) startup specializing in solar energy management. This strategic move aligns with IBM’s commitment to sustainability and its ongoing efforts to enhance its portfolio of cloud-based solutions aimed at renewable energy sectors.
Founded in 2020, Prescinto has quickly emerged as a leader in providing innovative analytics and management tools for solar energy providers. The company’s platform leverages advanced data analytics and machine learning algorithms to optimize solar energy production, improve operational efficiency, and reduce users’ costs. With a growing portfolio of clients, including utilities and independent solar developers, Prescinto has positioned itself at the forefront of the renewable energy transformation.
The acquisition is part of IBM’s broader strategy to bolster its sustainability initiatives. As businesses and governments increasingly prioritize carbon neutrality and renewable energy, IBM aims to provide comprehensive solutions that empower organizations to transition towards greener practices. By integrating Prescinto’s advanced technology into its existing cloud offerings, IBM seeks to enhance its capabilities in the renewable energy sector.
“Bringing Prescinto into the IBM family is a significant step forward in our mission to support sustainable energy solutions,” said Arvind Krishna, IBM Chairman and CEO. “The solar industry plays a crucial role in combating climate change, and with Prescinto’s innovative technology, we can deliver even more value to our clients while driving progress toward a cleaner future.”
In March 2021, Venture Catalysts led a seed round in which Prescinto raised $3.5 million.
AI is used by Prescinto’s capabilities to enable sophisticated automation, analytics, and monitoring to manage clean energy and storage assets and optimize renewable energy operations.
The IBM Maximo Application Suite (MAS), the company’s asset lifecycle management solution, will be improved with the acquisition of Prescinto.
According to the company, IBM MAS is already in use by energy and utility companies worldwide, including those in the water, natural gas, oil, and nuclear sectors.
By enabling users to measure and monitor the performance of solar, wind, and energy storage assets in almost real-time, the acquisition will further enable IBM to support clients’ sustainability objectives and net-zero ambitions.
Prescinto’s platform provides real-time monitoring and predictive analytics for solar assets, enabling users to make data-driven decisions that maximize energy output and minimize downtime. By utilizing IoT devices and cloud technology, the platform offers insights into performance metrics, allowing solar operators to optimize their installations efficiently.
The acquisition is expected to enhance IBM’s existing portfolio of energy solutions, which already includes offerings focused on smart grid management and energy efficiency. By combining IBM’s extensive resources and expertise in artificial intelligence with Prescinto’s specialized knowledge of solar energy management, the tech giant aims to deliver more robust solutions for its clients in the energy sector.
Industry analysts have hailed the acquisition as a timely move, given the increasing demand for renewable energy solutions globally. The solar market has been experiencing rapid growth, driven by declining costs, supportive government policies, and a rising focus on sustainability among consumers and businesses alike. With global solar capacity expected to reach over 2,000 gigawatts by 2025, IBM’s investment in Prescinto positions it well to capitalize on this trend.
Prescinto’s founders expressed enthusiasm about joining IBM, emphasizing that the merger will accelerate their mission of enabling a sustainable energy future. “We are excited to join forces with IBM, a company that shares our vision for a sustainable world. This partnership will allow us to scale our technology and reach more clients, helping them harness the power of solar energy more effectively,” said Tara Smith, co-founder and CEO of Prescinto.
As part of the integration process, IBM plans to retain Prescinto’s leadership team and staff, ensuring that the startup’s innovative culture and expertise continue to drive its solutions forward. The acquisition is expected to close by the end of the year, subject to customary regulatory approvals.
With this acquisition, IBM is not just investing in a startup; it is making a strong statement about its commitment to sustainability and the future of energy. As the world moves towards greener solutions, IBM’s strategic initiatives position it as a key player in the renewable energy landscape, driving innovation and efficiency in the sector.
