Israeli startup MindoLife with just seven employees and no venture capital backers has raised $20 million from India’s SAR Group. The two companies are in a long-term strategic-cooperation agreement that sees integrating MindoLife’s IoT technology in SAR’s full line of products.
MindoLife would be supplying its Cyber-Things products to SAR to be integrated into the Indian company’s water bars and home-energy systems over the next three years.
The four co-founders RamYounes, Rami Khawaly, Yoav Rosenthal and Noam Levi have founded MindoLife in 2014 at the Hybrid accelerator in the Galilee city of Nazareth and have funded it to date with money from the Israel Innovation Authority.
“We will be supplying our customers the network and the communications management between different devices with a fundamentally secure protocol,” said Rami Younes, MindoLife’s co-founder. Further he said, one application will be for SAR home energy-storage devices, which will make use of MindoLife technology to better monitor the power loads and supply.
According to the Rami, one application will be for SAR home energy-storage devices, which will make use of MindoLife technology to better monitor the power loads and supply.
The contract comes less than two weeks after Prime Minister Narendra Modi made a historic visit to Israel that included signing a series of high-tech accords.
MindoLife develops a smart home platform for promoting home efficiency. It consists of a base unit and an unlimited amount of controlled devices, including switches, plugs, and sensors.
MindoLife monitors alert users to everything from electrical problems to statistics of smart device usage at home. They intelligently analyze and report problems and offer suggestions. The base unit controls devices through an RF wireless protocol. The MindoLife line of devices includes 35×35 mm inserts for wall outlets; switches for lights, dimmers, and shutters; plug units for air condition, water heaters, and other appliances; as well as motion and temperature sensors.
The system is shielded by an advanced security protocol for IoT systems, which protects communications in real time. The network is managed by a patented and protected IP.