The Claps
Egyptian startup Pylon raised $19 million in a seed round.
The Deets
The seed round was led by Endure Capital, Cathexis Ventures, Khawarizmi Ventures, Loftyinc Ventures & a number of angel investors. The funds are in the form of both equity & debt.
More on Pylon
Pylon is an infrastructure management platform. It provides Smart Metering as a service (SMaaS) to electricity and water companies without upfront costs. This will enable these companies to save up to $400 billion worth of losses, & also increase their revenue by 40%.
Claps Class
Smart Metering as a service (SMaaS) provides subscribers with insights about their water and electricity consumption.
Why this matters
Pylon plans to use the funds to expand into more than one emerging market, and enter markets in Southeast Asia, Africa and Latin America.
