RIYADH: Egypt-based water and electricity infrastructure management startup, Pylon, has raised a $19 million seed round, in a mix of equity and debt led by investment firm, Endure Capital.
Pylon uses smart metering as a service for electricity and water distribution companies to provide an end-to-end software solution to reduce operational inefficiencies.
Operating in Egypt and Philippines, the company will use its acquired capital to expand into emerging markets in south-east Asia, Africa, and Latin America.
Backed by one of the leading global accelerators, Y-Combinator, Pylon is currently profitable.
It grew by 3.5 times in 2021, in addition to raising investments from capital firms Cathexis Ventures, Khawarizmi Ventures, and Loftyinc Venutres.
