INC42- 27 February 2020
Bengaluru-based energy analytics startup MinionLabs has raised an undisclosed amount of seed funding from the Indian Angel Network. The round has been led by IAN investors Kaushik Rajan of Kochi Holding Private Limited and R. Mohan Kumaramangalam.
The fresh funds will be used to ramp up its production, bolster sales, and expand its geographical footprint in the coming years. In 2016, MinionLabs had raised an undisclosed seed amount from Subhash Dhar and in 2019 was among the five startups selected by Facebook, WhatsApp India, and Invest India to win $50K as seed funding to further indigenous products.
Founded by Gokul Shrinivas, and Jeyakumar in 2017, MinionLabs helps industries in reducing electricity costs, leveraging a machine-learning approach, and improving productivity by providing real-time electricity consumption insights. It specializes in providing real-time insights into the energy consumption of electric appliances through Minion, claimed to be the world’s smallest energy monitoring device.
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.
The company claimed to help businesses by saving more than 12-16% of their annual electricity costs. Companies like OYO, Cisco, Fortis, Cowrks, and Saudi’s Aramco are the esteemed clients of MinionLabs.
For more information on this press article, visit https://inc42.com/buzz/minionlabs-raises-funding-from-ian-to-scale-production-expansion/amp/
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