[Funding alert] Indian Angel Network invests in Bengaluru-based startup MinionLabs

Daily Hunt/ Your Story - 27th February 2020

Bengaluru-based MinionLabs raises an undisclosed amount from Indian Angel Network. The funding round was led by prominent IAN investors Kaushik Rajan of Kochi Holding Private Limited and R. Mohan Kumaramangalam. According to a statement released by the investment firm, the startup will use the funds to boost its production, drive sales and expand its geographical footprint. MinionLabs specialises in providing real-time insights into the energy consumption of electric appliances through Minion, the world’s smallest energy monitoring device. A single Minion has the capacity to record energy consumption of up to 168 devices, according to the team. Minion leverages a Machine Learning-based approach to power its cutting-edge algorithm to generate a comprehensive report on predictive analytics. Users can then apply these insights delivered by Minion’s analytical platform to drive maintenance, reduce electricity costs, and improve the productivity of their electricity-run devices. Commenting on the investment, lead investors Kaushik Rajan of Kochi Holding Private Limited and R Mohan Kumaramangalam, said. MinionLabs was among the five startups selected by Facebook, WhatsApp India, and Invest India to win Rs 35 lakh each ($50,000) as seed funding to further indigenous products.

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About MinionLabs

MinionLabs is the World Leader in Energy Efficiency for Cities, Businesses, and Consumers for the Internet of Things. Our Artificial Intelligence-based products, systems, and services enable our users to be energy efficient, reduce carbon footprint, prevent climate change and make people’s lives safer and comfortable, and businesses more productive and cities more livable in a sustainable way. Visit us at www.minionlabs.tech