An Internet of things (IoT)-based energy management startup Zenatix Solutions has raised an undisclosed amount of follow-on funding led by seed focused fund Blume Ventures.
Prior to this, in July 2015, Zenatix had raised $161K (INR 1.27 Cr.) led by Google country chief Rajan Anandan, Snapdeal’s co-founders Kunal Bahl and Rohit Bansal and Trifecta Capital’s Rahul Khanna.
The newly infused capital will be used to hire talent, upgrade technology and product, and expand operations from Delhi-NCR to Bangalore and Mumbai.
Founded in 2013 by Rahul Bhalla, Vishal Bansal and Amarjeet Singh, Zenatix, provides an energy management product that helps commercial consumers save more than 10% on their electricity cost. The company manages to reduce such a cost by using intelligence from the energy data, correlated with other factors including temperature, humidity and occupancy.
In simple words, the startup provides web-enabled software, ZENSoft, which enables the energy consumers, monitor their energy consumption pattern at various system/appliances levels and take actions based on the recommendations driven by their energy analytics; thus reduces their electricity spend by 5-15%.
Rahul Bhalla, CEO at Zenatix Solutions said, “We have a SaaS (software-as-a-service)-based engagement model, where the customer pays a fixed monthly or annual fee. The energy savings delivered by our analytics solution far outweigh our fee. Typically, the customers become cash flow positive by a significant amount from second month onwards.”
The company also plans to expand its team to 30 members in the next six months from 20 employees at present. It also expects to get about 100 clients during this period.
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