Egyptian startup Pylon, an infrastructure management platform targeted at reforming energy and water firms in emerging nations, has raised a US$19 million venture funding round to drive its expansion, particularly into new regions.
The funding round began with a seed investment from Y Combinator, a US-based business incubator, and has since gathered a broad mix of investors from North America, the Middle East, and Africa. Endure Capital led the round, which included both stock and debt, and was backed by CDC, the UK government’s development finance institution. Cathexis Ventures, Khawarizmi Ventures, LoftyInc Capital Management, and a number of well-known angel investors are among the participants.
To help power and water utilities in growing markets, Pylon, an infrastructure management platform founded in 2017, offers subscription-based “Smart Metering as a Service” (SMaaS).
At no upfront cost, the startup offers a customized end-to-end software solution that is adaptable to both old and new metering methods and aids in the reduction of operational inefficiencies, revenue collection, and environmental footprint.
“We are thrilled that our solution attracted such heightened interest and acclaim from a wide range of global investors. Pylon’s co-founder and CEO Ahmed Ashour said, “Our impact-driven vision of developing technology to better manage resources, eliminate inefficiencies and remove pain points in the utility industry raised a call to action and many answered. ”
Pylon’s expansion into additional emerging markets in Southeast Asia, Africa, and Latin America, as well as advancements in engineering and product development, will be accelerated by the new capital.
Read More on Tech Gist Africa:
Khazna, Egypt’s financial superapp, secures $38 million in Series A funding to accelerate growth.
Gaviti raises $9 million in a Series A funding round
Eksab, an Egyptian esports startup, has raised $3 million in a seed round.