Founded in 2016, Prescinto is a Bengaluru-based software-as-a-service (SaaS) startup specializing in asset performance management (APM) for renewable energy assets. It works with and services global customers across 14 countries with 16 GigaWatts under management.
Prescinto's platform leverages artificial intelligence (AI) and advanced analytics to provide actionable insights for solar, wind, and energy storage assets. This acquisition is expected to strengthen IBM's position in the renewable energy sector and support global efforts towards clean energy management.
The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management. Moreover, it will further IBM’s leadership in the energy and utility space, an industry undergoing significant transformation and seeking solutions to manage and optimize wind, solar, and other renewable energy storage assets. Water, natural gas, oil, nuclear, and other energy and utility enterprises globally already utilize IBM MAS.
Organizations are increasingly turning to alternative energy sources like wind, solar, and energy storage to help reduce emissions and lower energy costs. Yet, it can be daunting to effectively manage and maximize the performance of high-tech devices like turbines, solar panels and inverters, which generate power from renewable energy assets. In addition, environmental factors like weather and debris can contribute to reducing energy output, system effectiveness, and system uptime.
According to Allied Market Research, the value of the global utilities asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with a CAGR of 11.3 percent.
The Prescinto acquisition will further enable IBM to support clients’ sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimize generation.
Advertisements