Empowering the Future: Pylon Secures $19 Million in Seed Funding Round
12 April 2022 - We are delighted to announce a significant milestone for Pylon, the infrastructure management platform committed to revolutionizing the water and energy sectors in emerging markets. We have successfully concluded a funding round, securing $19 million in investment to further our mission of reducing inefficiencies, promoting sustainability, and transforming utility operations worldwide.
The funding round, which began with initial support from the esteemed US technology startup accelerator, Y Combinator, received strong backing from a diverse group of investors hailing from North America and the Middle East & Africa (MEA). This remarkable achievement underscores the recognition of Pylon's innovative approach and its potential to create a positive impact in the water and energy industries.
Backed by Endure Capital, BII, the British International Investment, and supported by prominent investors such as Cathexis Ventures, Khawarizmi Ventures, Loftyinc Ventures, and several high-profile angel investors, this funding round marks a crucial step in realizing Pylon's strategic vision.
At the core of Pylon's transformative offerings is our pioneering Smart Metering as a Service (SMaaS) platform. By eliminating the traditional upfront costs for hardware, Pylon empowers utilities with a cost-effective and scalable solution. Our unique subscription-based model enables cash-conscious utility companies to deploy our technology at scale, resulting in up to 40% increases in their top-line, without the need for significant upfront investment.
Pylon's impact extends far beyond financial advantages for utilities. Our platform is specifically designed to serve the unique needs of emerging markets. We strive to democratize smart grid infrastructure, allowing distribution companies in these regions to capture up to $400 billion of losses and uncollected revenue. Leveraging the power of data and artificial intelligence, Pylon's platform improves revenue collection, reduces losses, detects theft, and paves the way for a more sustainable environmental footprint.
The success of this funding round reinforces our position as a leading player in sustainable infrastructure solutions. Pylon remains firmly committed to innovation, sustainability, and empowering utilities across the globe to make more informed and efficient decisions.
Join us as we embark on this exciting journey, driving positive change one metering point at a time. With our vision, innovation, and dedication, Pylon is poised to lead the way in transforming utility operations and contributing to a greener, more sustainable future.
By: Hadir Ali