Business Ex - 28th February 2020
The Bengaluru-based startup, MinionLabs India Pvt. Ltd has lately secured investment from the Indian Angel Network. The startup essentially gives a real-time understanding of energy consumption in electric appliances.
IAN investors Kaushik Rajan of Kochi Holding Pvt. Ltd and R. Mohan Kumaramangalam, VC Circle reported citing quotes of the Angel Network in its official statement. The startup will use the capital to ramp up production, bolster sales and expand its geographical footprint, Gokul Shrinivas, founder of MinionLabs, said in the statement. The startup employs Minion, which is a device used for detecting energy, to offer prescience into the energy consumption of electric appliances.
According to the media report, the company claims that Minion optimizes a machine learning-based method to produce a report on predictive analytics. Later, users can utilize this knowledge to diminish electricity costs and augment the productivity of their devices. The network is committed to supporting startups that use technology for providing innovative solutions to some of the most pressing problems, Rajan and Kumaramangalam, a member at IAN, said in an interview with VC Circle.
Energy conservation is one such challenge and MinionLabs is one such startup, IAN said in its official statement.
In 2016, MinionLabs had garnered an undisclosed offering from the former Senior VP of Infosys, Subhash Dhar. However, Dhar exited the company in 2019.
For more information on this press article, visit https://www.businessex.com/news/minionlabs-secured-investment-from-indian-angel-network/1174
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