Ahmedabad-based Ecolibrium Energy Pvt. Ltd has raised a sum of $2.6 million (Rs 18 crore) in a recent funding round led by early-stage investor and incubation fund Infuse Ventures, real estate consultancy JLL, and an angel investor. The energy management solutions provider will utilize the funds to deepen customer engagement and expand to international markets. Besides, the firm will increase its focus on deep machine learning algorithms for electrical equipment.
The organization was founded in 2008. It offers an energy analytics Internet of things (IoT) platform called SmartSense, allowing commercial and industrial users to take operational decisions for optimizing productivity and asset uptime. This is achieved through predictive insights, saving energy, and asset maintenance spends. Chintan Soni, CEO, Ecolibrium Energy comments, “Through our patented algorithms we will help businesses optimize their cost of operations and capital deployment for electrical assets.”
The company currently has a customer base of 500 clients, which include major organizations like Coca-Cola, Intas Pharma, Fiat, and Delhi Metro Rail Corp. Besides, Ecolibrium Energy also collaborates with multinational giants like Vodafone and SAP to develop energy analytics and IoT products.
JLL invested in Ecolibrium Energy through its investment platform, JLL Technology Ventures, focusing primarily on real estate technology firms. However, the name of the angel investor hasn’t been disclosed. Only last December, the company had raised funds from energy-focused investor Infuse Ventures.
Back in 2013, Infuse Ventures had invested in Ecolibrium Energy for the first time. International Finance Corporation (IFC) had also participated in the round to raise $1.6 million. Infuse Ventures has been investing actively in the clean-tech sector. “Ecolibrium is one of our early. With the increasing adoption of IoT and analytics for energy management, Ecolibrium is well positioned to strengthen its leadership position,” said Vibhor Dhanuka, Vice President for Investments, Infuse Ventures.
Over the past couple of years, several IoT firms have emerged to tap into the growing market. Moreover, a policy for the IoT industry is being drawn by central government’s department of electronics and information technology. The draft policy aims to establish a $15 billion IoT sector in India by 2020. Furthermore, India’s IoT market is estimated to grow up to $15 billion by 2020 from $5.6 billion in 2016. This will be mostly driven by adoption across sectors like manufacturing, automotive, transportation and logistics.