Ahmedabad-based Energy Analytics startup Ecolibrium Energy has raised $2.6 million in a funding round led by Infuse Ventures, JLL Technology Ventures, and an angel investor.
According to Ecolibrium Energy, the fresh capital will be used to deepen customer engagement and expand to international markets. It will also increase its focus on deep machine learning algorithms for electrical equipment.
Commenting on the funding, Vibhor Dhanuka, VP – Investments of Infuse Ventures says, “Ecolibrium is one of our early investments and we are excited to continue supporting the company. It has developed a strong footprint across industries and geographies over the last few years. With the increasing adoption of IoT and analytics for energy management, Ecolibrium is well positioned to strengthen its leadership position.”
Founded by Chintan Soni and Harit Soni in 2010, Ecolibrium Energy is a leading provider of Energy Analytics for industrial and commercial enterprises. Currently, it serves more than 500 multinational clients across sectors like engineering, FMCG, pharmaceuticals, and utilities among others. The company’s platform called ‘SmartSense’ helps users take crucial operational decisions for optimizing Energy costs and asset uptime through proprietary patented predictive maintenance an algorithm, 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.
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.”
“Through our patented algorithms we will help businesses optimize their cost of operations and capital deployment for electrical assets,” he added.
The company was incubated at IIM Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship (CIIE). In 2015, the startup won the UNFCCC’s Lighthouse Activity Awards under Information & Communication Technology.