Zenatix Solutions, the internet-of-things (IoT) driven energy Analytics Company has raised an unspecified amount in Pre-Series A round of funding from seed focused firm Blume Ventures. The company will use this fund to expand its operations in other cities like Bengaluru and Mumbai and strengthening its human resources.
The company had also raised $200K from a group of angel investors led by Rahul Khanna of Trifecta Capital, Rajan Anandan of Google India and Snapdeal Co-founders Kunal Bahl and Rohit Bansal. As of now, most of its customer based in Delhi NCR region, but the company wants to expand its operations in Bengaluru and Mumbai in next few months.
Zenatix was started by Rahul Bhalla, Vishal Bansal and Amarjeet Singh in 2013. The company offers cloud based energy analytics product, which allows consumers reduce their electricity consumption by at least 10 per cent, by using intelligence from the energy data linked with other factors like occupancy, temperature and humidity.
Rahul Bhalla, the co-founder and CEO of Zenatix said, “The additional money can now be used to expand the customer base and deliver additional value from the product in an automated fashion. We are aiming to achieve an ARR (annualised recurring revenue) of US$1 million over the next nine-12 months,”
Currently, main focus of the company is commercial customers like large offices, rental chains, hospital, hotels, educational organizations and banks. According to the company, currently it has more than 45 customers including Google, NIIT, TCS, Xerox, Starbucks and Mother Dairy.