IBM, an industrial research organization, has acquired Prescinto, an asset performance management (APM) software-as-a-service (SaaS) provider for renewables. Led by Venture Catalysts in March 2021, Prescinto raised $3.5 million in a seed round .

Furthermore, Prescinto has been leveraging AI to enable advanced monitoring, analytics, and automation  so as to streamline renewable energy operations while managing clean energy and storage assets. The company was founded by Puneet Jaggi, Anmol Jaggi and Sanjay Bhasin, wherein, this Bengaluru-based firm works with global customers which spans across 14 countries with 16 GigaWatts under management.

Puneet Jaggi and Anmol Jaggi are co-founders of mobility company BluSmart. The aim of this acquisition would be to enhance the capabilities of IBM Maximo Application Suite (MAS), which is IBM’s solution for asset lifecycle management.

As reported by the company, water, natural gas, oil, nuclear, and other energy and utility enterprises already utilize IBM MAS globally. Moreover, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time, the acquisition will further enable IBM to support clients’ sustainability initiatives and net-zero goals.