Zenatix Solutions, a data-driven energy efficiency company, has today announced that it has raised a pre-series A round of funding led by pi Ventures. Along with pi, the round also saw participation from Zenatix’ existing investor, Blume Ventures.
Commenting about the company and opportunity, Manish Singhal, Founding Partner of pi Ventures said,
We are very excited to partner with a talented team like Zenatix. Their integrated approach of building connected hardware, with sophisticated machine learning algorithm to work on resulting dark data generated is what will set them apart.
In India cost of electricity is same as in US, despite the purchasing power parity. Thus it’s a big space with plenty of innovation & upside possibility, given the kind of data, Zenatix is starting to lay its hands on.
Zenatix was co-founded by Rahul Bhalla, Vishal Bansal, and Dr. Amarjeet Singh. The company makes use of advanced machine learning models and delivers 10 to 30% energy efficiency to large commercial consumers of electricity.
The models are built by collecting and analyzing more than 30 million of previously unseen (“dark”) data points every day from electrical assets. These models allow for automated and intelligent control along with predictive and preventive maintenance of these assets. Thus, resulting in consistent and comfortable consumer experience in retail and banking sites while delivering high energy savings.
Zenatix aims to address the energy efficiency problem across a range of customers and eventually help grids turn smarter. Their first solution named “WattMan” addresses the problem for large retail chains and banking or financial set ups and is built using a scalable Internet of Things (IoT) stack.
Talking about the fundraising round, Rahul Bhalla, co-founder and CEO, Zenatix Solutions, said,
We have a subscription based engagement model – the customer doesn’t have to pay anything upfront. It is a fixed annual fee whereby the energy efficiency benefit itself outweighs the fee. Additionally, there are multiple other benefits such as improved consumer experience and ability to automatically audit the usage of electricity. Typically, the customers become cash flow positive from 1st quarter itself.
Earlier, Zenatix had raised capital from a group of prolific angel investors — Rahul Khanna (Trifecta Capital), Rajan Anandan (Google) and Snapdeal co-founders, Kunal Bahl and Rohit Bansal.
The company is currently focused on the Indian market, with a plan to expand internationally over next 6-12 months. The current round of capital will be used primarily for hiring across all its functions, including Technology, Product, Operations, and Sales. The company aims to achieve an ARR of USD 2 million and become profitable by mid-2018.