[Funding alert] Indian Angel Network invests in Bengaluru-based startup MinionLabs
Bengaluru-based MinionLabs raises an undisclosed amount from Indian Angel Network. The funding round was led by prominent IAN investors Kaushik Rajan of Kochi Holding Private Limited and R. Mohan Kumaramangalam.
According to a statement released by the investment firm, the startup will use the funds to boost its production, drive sales and expand its geographical footprint.
MinionLabs specialises in providing real-time insights into the energy consumption of electric appliances through Minion, the world’s smallest energy monitoring device.
A single Minion has the capacity to record energy consumption of up to 168 devices, according to the team.
Minion leverages a Machine Learning-based approach to power its cutting-edge algorithm to generate a comprehensive report on predictive analytics. Users can then apply these insights delivered by Minion’s analytical platform to drive maintenance, reduce electricity costs, and improve the productivity of their electricity-run devices.
Commenting on the investment, lead investors Kaushik Rajan of Kochi Holding Private Limited and R Mohan Kumaramangalam, said,
“At IAN, we are committed to supporting startups that are leveraging technology to providing innovative solutions to some of the most pressing pain points in society. Energy conservation is one such challenge and MinionLabs is one such startup. Besides its cutting-edge IP, we were also attracted to the founding team’s dedication and industry expertise.”
Prior to this investment, MinionLabs had raised an undisclosed seed amount from Subhash Dhar, Former Senior Vice President and Corporate Head (Innovations) and Group Head of Sales and Marketing of Infosys in 2016.
The startup gave him a successful exit in 2019.
Gokul Shrinivas, Founder of MinionLabs says, "We are part of the two most promising and exciting Industries of future - energy and internet of things. And we are working in sexiest technologies like Machine Learning, Deep Learning, and Artificial Intelligence. Our team of minions is changing the world by delivering energy efficiency through its state-of-the-art technology-based product. We work hard, are focussed, have an open office culture, have guidelines but no rules and policies, celebrate successes, and enjoy hackathons and get-togethers.”
MinionLabs was among the five startups selected by Facebook, WhatsApp India, and Invest India to win Rs 35 lakh each ($50,000) as seed funding to further indigenous products.
(Edited by Saheli Sen Gupta)