Indian Angel Network, the largest horizontal seed-stage platform in India, has recently invested an undisclosed amount in MinionLabs. The funding round was led by prominent IAN investors Kaushik Rajan of Kochi Holding Private Limited and R. Mohan Kumaramangalam.
The Bengaluru-based startup specializes in providing real-time insights into the energy consumption of electric appliances through Minion, the world’s smallest energy monitoring device. 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.
“We are part of the two most promising & exciting Industries of future – Energy & Internet of things. And we are working in sexiest technologies like Machine Learning, Deep Learning, and Artificial Intelligence,” Gokul Shrinivas, Founder, MinionLabs. “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 focused, have an open office culture, have guidelines but no rules and policies, celebrate successes, and enjoy hackathons and get-togethers.”
Speaking on the investment, he added, “We are delighted to receive the support of IAN investors. We will utilize the capital infusion to ramp up our production, bolster sales, and expand our geographical footprint in the coming years.”
Commenting on the investment Lead Investor 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. We wish them continued success.”
In 2016, 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. The startup gave him a successful exit in 2019.
It was among the five startups selected by Facebook, WhatsApp India and Invest India to win INR 35 lakh each (USD 50,000) as seed funding to further indigenous products.
MinionLabs’ rich client portfolio includes prominent names such as Clients like Fortis Hospital, Accenture, Brigade Construction, Prestige, Educational Buildings, EY and Societe Generale Bank, among others. It works with Cisco Systems in integrating minions with Cisco’s Smart City, Connected Utilities, Cisco Energy and Asset Management. The startup has partnered with Honeywell UAE to minimize the energy consumption in Airport Runways. It also works with EESL for Smart Energy Meters.
Moving ahead, MinionLabs anticipates hitting a million-dollar-mark in terms of revenue generation within two years. It is eyeing to raise its next round of funding this year. It is also working to launch Solar Minion, an AI-based smart energy management solution which will help users to manage the energy generated by roof-top solar panels along with existing capabilities of the minion.
About Indian Angel Network:
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 11 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
Indian Angel Network has been a pioneer in the seed and early-stage investing. The network now also has SEBI registered VC Fund of ₹375 Crores. Together with IAN Angels & IAN Fund, the platform is the single largest platform for seed & early stage, where entrepreneurs can raise from Rs. 25 lakhs to Rs. 50 crores (with co-investors), thus making IAN the platform of choice!