An IIT Madras RTBI incubated startup Swadha Energies Private Limited has has raised an undisclosed amount of funds in a pre-Series A round from angel investor groups Indian Angel Network (IAN), US-based angel investor network Keiretsu Forum and Stanford Angels, a a Stanford Alumni Association group based in India that seeks to strengthen Stanford’s startup community.
Based out of Chennai, Swadha will use the freshly raised funds for further product development, to drive awareness about sustainable energy consumption, and to enhance its sales and marketing.
Founded in 2015, Ankit Poddar, Dinesh Natarajan, Sreejith and Dinesh Kumar, Swadha Energies is revolutionizing the energy sector by developing state of the art energy saving devices in partnership with IIT Madras. It was incubated at IIT-Madras’ Rural Technology Business Incubator (RTBI).
Last year, Swadha had raised undisclosed amount from BPCL (Bharat Petroleum Corporation Limited), a Government of India controlled oil and gas company.
Being a startup incubated at the country’s most prestigious institute, IIT-Madras, it took Swadha energies three years — since it was incorporated in 2015 — to raise funds for the first time despite of the fact that the startp was the winner of the 1st edition of the Government of India’s National Entrepreneurship Award (NEA) for year 2016, instituted by the Ministry of Skill Development and Entrepreneurship.
Swadha designs smart HVAC (Heating, Ventilation and Air Conditioning) systems which can save close to 40% in energy costs. The has designed and developed the mechanical systems and electronics that help cut electricity consumption in the AC systems, using advanced power electronics integrated with the building management system.
With IIT-M Research Park as its first installation client, Swadha has so far completed over 25 installations across industries, both Greenfield and retrofit. The first order of Swadha was received from Tata.
“Our main product is an intelligent motor drive which can be used across industries as agri-pump, elevator or escalator, electric vehicle and domestic appliances, and so on. Our intelligent system further uses the IoT sensor inputs to optimize power,” Ankit Poddar, co-founder of Swadha said in press statement.
IAN investor MVS Mani, said in a statement, “Limiting energy consumption is one step towards our pursuit of sustainable development. However, to maximise output while minimising energy consumption requires really innovative thinking, and bright minds at Swadha Energies give us hope for a better future, and so make us feel confident in the merit of our investment.”
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