Pylon, the infrastructure management platform catering to utility companies in emerging markets, has secured $19 million in its seed funding round.
This funding round of the Egyptian start up, comprising equity and debt, was led by Endure Capital, which is backed up by CDC, the UK Government’s Development Finance Institution.
US technology startup accelerator, Y Combinator, and other investors from North America and MEA participated in the funding, according to a statement.
The proceeds will drive Pylon’s growth into other emerging markets (South-East Asia, Africa, Latin America) and advance engineering and product development.
Pylon is already working with multiple companies across two continents who have deployed more than one million end points of its smart grid technology, across 15 distribution companies. Pylon’s goal is to increase its smart metering points to three million by 2023, which would represent 4x year-on-year growth, the statement said.
Pylon offers Smart Metering as a Service (SMaaS) model for utility companies It also plans to achieve 1 Gigaton of total CO2 emissions reduction by 2035.
Water losses in emerging markets also reach over 45 million cubic meters/day. Pylon can reduce this by up to 22%, potentially providing enough water to serve over 40 million people, the statement said.
Ahmed Ashour, Co-founder, and CEO of Pylon, said: “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.”
“We believe that there is a multi-billion-dollar market opportunity at hand, and that Pylon’s frictionless model provides a compelling solution for utility companies to be more efficient, sustainable, and digitally-driven," Tarek Fahim, GP and founder of Endure Capital, said.
(Writing by Seban Scaria; editing by Daniel Luiz)