Zenatix Solutions, an IoT driven, energy data analytics company based in Gurgaon, celebrated it’s second birthday this December with a blast by raising funding from Blume Ventures in a Pre-Series A round. Blume Ventures is a seed-stage venture fund that backs startups with both funding as well as active mentoring.
Zenatix specializes in providing a cloud-based energy analytics product that helps large consumers of electricity reduce their electricity consumption by at least 10%, using intelligence from the energy data correlated with other factors including temperature, humidity and occupancy.
Karthik Reddy, Co-Founder and Managing Partner at Blume Ventures, commented on the matter, “In Zenatix, we see, a great combination of our beliefs in a well-rounded, passionate and determined team to solve the energy problem. We have faith that Team Zenatix will keep pushing the innovation envelope on this front, and emerge as a key player as the world feverishly discusses the Climate Summit in Paris.”
Founded by alumni of IIT Delhi, IIM Ahmedabad and UCLA – Rahul Bhalla, Vishal Bansal and Dr. Amarjeet Singh; in a short span of 2 years, Zenatix has already bagged more than 45 paying customers including Google, Tata Teleservices, NIIT, Glaxo SmithKline, Xerox, Mother Dairy and Starbucks and several marquee clients in the office building segment and hospitality. The company is now focusing on commercial customers such as large office spaces, retail chains, banks, hospitals, hotels and educational institutions.
Rahul Bhalla, Co-founder and CEO, Zenatix Solution promptly explains that they have a SaaS based engagement model wherein the customer doesn’t pay upfront for the hardware or software, rather it’s a fixed monthly or annual fee. He further added, “ The energy savings delivered by their analytics solution far outweighs the fees. Typically, the customers become cashflow positive by a significant amount from second month onwards.”
Having demonstrated their value proposition and the product-market fit through a healthy customer base in Delhi and NCR, the funding will be used primarily for product enhancement and to expand operations in Bangalore and Mumbai over the next 2-3 months. They aim to achieve an ARR (Annualized Recurring Revenue) of USD 1 million over the next 9-12 months.
On a concluding note, Analytics India predicts tremendous growth in the energy analytics sector as the world battles with such issues as depleting renewable resources, energy consumption and climate change. Energy efficiency has become as important and as large a frontier to tackle as renewable energy or global warming. Moreover, AIM looks forward to welcoming Zenatix to Bangalore!