Zenatix Solutions, an IoT driven energy data analytics company has raised follow-on funding from Blume Ventures in a Pre-Series A round. The company had previously raised $200,000 from a group of angel investors led by Rahul Khanna (Trifecta Capital), Rajan Anandan (Google) and Snapdeal co-founders, Kunal Bahl and Rohit Bansal.
Zenatix was co-founded in December 2013 by alumni of IIT Delhi (Rahul Bhalla), IIM Ahmedabad (Vishal Bansal) and UCLA (Dr. Amarjeet Singh). It provides a cloud-based energy analytics product that helps consumers reduce their electricity spend by at least 10%, using intelligence from the energy data correlated with other factors including temperature, humidity and occupancy.
Currently, the company is focused on commercial customers including large office spaces, retail chains, banks, hospitals, hotels and educational institutions. It has more than 45 paying customers including Google, Tata Teleservices, NIIT, Glaxosmithkline, Xerox, Mother Dairy and Starbucks.
When asked about the monetization model, Rahul said, “We have a SaaS based engagement model – the customer doesn’t pay upfront for the hardware or software. It is a fixed monthly or annual fee and the energy savings delivered by our analytics solution far outweigh our fee. Typically, the customers become cash flow positive by a significant amount from month 2 onwards ”.
With the current customer base largely centered in Delhi NCR and a few customers in Bangalore, the company plans to expand to Bangalore and Mumbai over the next 2-3 months. The capital will be further used for hiring across all its functions.
Blume Ventures provides seed funding in the range of $50,000 – $250,000 to early-stage tech-focused/tech-enabled ventures. They are proponents of a collaborative approach and like to co-invest with like-minded angels and seed funds. They then provide follow-on investments to their stellar portfolio companies, ranging between $500,000 and $1.5 million.
Blume Ventures has invested in 11 startups this year, namely: MockBank, IDfy, GreyOrange, Rail yatri, Belong, RoadRunnr, Newgen Internet Network, ReGlobe, Tookitaki, Purplle and NowFloats.