VCCircle- 27th February 2020
MinionLabs India Pvt. Ltd, a Bengaluru-based startup that provides real-time insights into the energy consumption of electric appliances, has raised funding from the Indian Angel Network.
The funding round was led by IAN investors Kaushik Rajan of Kochi Holding Pvt. Ltd and R. Mohan Kumaramangalam, the angel network said in a statement. It didn’t disclose the amount. The startup will use the capital to ramp up production, bolster sales and expand its geographical footprint, founder Gokul Shrinivas said. The startup uses Minion, an energy monitoring device, to offer insights into the energy consumption of electric appliances. It says Minion leverages a machine learning-based approach to generate a report on predictive analytics. Users can then apply these insights to reduce electricity costs and improve the productivity of their devices. IAN’s Rajan and Kumaramangalam said the network is committed to supporting startups that use technology for providing innovative solutions to some of the most pressing problems. “Energy conservation is one such challenge and MinionLabs is one such startup,” they said. MinionLabs had raised an undisclosed seed amount from Subhash Dhar, former senior vice president at Infosys Ltd, in 2016. He exited in 2019. The startup says its clients include companies such as Fortis Hospital, Accenture, EY, and Societe Generale Bank. It aims to record revenue of $1 million within two years and raise its next round of funding this year itself. The company is also working to launch Solar Minion, an AI-based smart energy management solution that will help users to manage the energy generated by rooftop solar panels.
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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