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ArabFinance: Pylon, a smart scale-up infrastructure management platform in the MENA region, has raised $19 million in a seed funding round, according to an emailed press release.
The funding round was led by Endure Capital, which is backed by the UK’s development finance institution CDC.
Moreover, Cathexis Ventures, Khawarizmi Ventures, and Loftyinc Ventures also participated in the funding round, along with several high-profile angel investors.
Proceeds from this funding round will be used to build on Pylon’s growth through expansion in other emerging markets, including South-East Asia, Africa, and South America, in addition to, supporting engineering and product development.
The seed round has begun with initial funding from the American technology startup accelerator Y Combinator, attracting diverse investors from North America and the MEA region.
“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,” Co-founder and CEO of Pylon Ahmed Ashour commented.
“2022 will be an exciting year for Pylon as we embark on our next phase of growth which will see us expanding further into Africa, Latin America, and SE Asia. We will also seek increased debt facilities to fast-track the accessibility of infrastructure solutions to utilities in friable economic landscapes,” Ashour added.
The scale-up company is planning to grow its smart metering points by 4x year-on-year (YoY) by 2023, with goals to reduce one gigaton of total CO2 emissions by 2035.
It is worth mentioning that Pylon was profitable in 2021 and achieved a growth of 3.5x.
Incorporated in 2017, Pylon is an infrastructure management platform that offers a subscription-based Smart Metering as a Service (SMaaS) for electricity and water companies in emerging markets and provides end-to-end software solutions, with the aim of cutting energy and water inefficiencies on the planet.
