This paper presents recent innovation in the field of the Synchronized Measurement Technology. An advanced, low complexity algorithm for synchrophasor estimation and the processing platform running embedded Linux are used to develop a cost-efficient Phasor Measurement Unit (PMU) prototype. The Smart Discrete Fourier Transform (SDFT) is adapted for the purpose of synchrophasor estimation, being implemented by using Python programming language. The developed prototype sends synchro-measurements according to the IEEE Standard C37.118 specifications. The prototype performance characteristics are evaluated by using RTDS power system simulator as hardware-in-the-loop. The obtained results suggest further algorithm improvements to fully comply with the IEEE Standard C37.118.1a-2014 specified requirements. The developed prototype offers an affordable PMU solution for improving the grid observability.