Ecolibrium Energy, a IoT Startup, Raises $2.6M from Infuse Ventures, JLL
Ahmedabad-based Ecolibrium Energy has just raised $2.6 Mn (INR 18 Cr) in funding from Infuse Ventures Inc, JLL Technology Venturesand an anonymous angel investor. Ecolibrium Energy is a cleantech startup with an IoT product – SmartSense. The investment will be used to expand the company’s international presence and also enhance customer engagement.
Businesses across the globe have started to use IoT platforms and energy data for data-driven management, which enhances operational and financial efficiency. Ecolibrium’s Energy Analytics Platform – SmartSense, helps users take crucial operational decisions for optimizing Energy costs and asset uptime through proprietary patented predictive maintenance algorithms, saving up to 15% of energy and asset maintenance spends. Across their existing customer base SmartSense manages, 1300 MW of energy and 12000+ equipments with 100+million data points captured daily.
A portion of the newly-raised funds will go into developing advanced deep machine learning algorithms to ensure the better performance of electrical equipment.
Its flagship product – Internet of Things (IoT) platform SmartSense – allows businesses to save up to 15%of energy-related expenses. According to the company’s official website, the platform currently serves over 500 enterprises, generating up to 100 Mn daily data points for around 12,000 equipment and 1,300 MW of power.
With this fund raise, Ecolibrium Energy will deepen customer engagement and expand to international markets. The company will also increase its focus deep Machine Learning algorithms for electrical equipments.
Speaking on the funding, Chintan Soni, CEO at Ecolibrium Energy said, ‘With the Global IoT Market estimated to be at $110 Billion, and creating an impact of around $14.2 Trillion, Energy and Manufacturing are going to be major drivers in this industry. SmartSense will deliver value to our clients with very specific recommendations to reduce energy losses and avoid downtime of equipments. Our focus is going to be on creating a digital twin of facilities and assets. Through our patented algorithms we will help businesses optimize their cost of operations and capital deployment for electrical assets.’
Kalyan Banga223 Posts
I am Kalyan Banga, a Post Graduate in Business Analytics from Indian Institute of Management (IIM) Calcutta, a premier management institute, ranked best B-School in Asia in FT Masters management global rankings. I have spent 14 years in field of Research & Analytics.