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Exclusive: Ecolibrium Energy raises fresh funding from existing investor

Ecolibrium Energy Pvt. Ltd, an energy management solutions provider, has raised a fresh round of funding from one of its existing investors, a person privy to the development told VCCircle.

The Ahmedabad-based firm claims that its platform SmartSense provides energy intelligence to commercial and industrial consumers, and utilities. The company’s recently introduced offering is enabling utilities with advanced analytics on energy consumption and billing of consumers.

Founded in 2008 by siblings Harit and Chintan Soni, Ecolibrium develops smart grid technologies and implements business models to increase the installation of grid-connected solar systems. Besides electricity utility companies, the company is also working with private housing complexes. 

The firm has raised fresh capital from Infuse Ventures, an early-stage sustainability and clean-tech fund associated with IIM Ahmedabad’s tech incubator Centre for Innovation Incubation and Entrepreneurship (CIIE).

Infuse Ventures has put in Rs 2 crore ($294,000) in Ecolibrium, the person cited above said. He didn’t disclose further details on the same. However, he added that the investor is eager to invest more in the firm.

Email queries sent to Ecolibrium and Infuse Ventures did not elicit any immediate response till the time of filing this report.

Ecolibrium had earlier secured $1.6 million from Infuse Ventures and International Finance Corporation (IFC) three years ago.

Ecolibrium’s focus areas include smart grid, distributed renewable generation, wireless energy monitoring and tracking. It also provides Internet of Things (IoT) solutions. Ecolibrium has several customers including the Ministry of New and Renewable Energy (MNRE), Torrent Power, Fiat and Mitsui.

As per its website, the firm has 500 customers and claims to have managed 1,200 mega watt power for its clients.

Infuse Ventures is backed by IIM Ahmedabad's CIIE, Ministry of New and Renewable Energy, Technology Development Board, IFC, BP, Godrej Industries, ICICI Bank, SIDBI, Bank of India and Union Bank. It supports seed- and early-stage enterprises developing new business models across the renewable energy, resource efficiency, waste, water and other sustainability-related areas.

Infuse Ventures has been investing actively in the clean-tech sector. Its investments include renewable energy services startup REConnect, distributed solar developer Fourth Partner Energy, geothermal HVAC provider GIBSS and industrial green chemicals company Proklean.

Besides Ecolibrium, a lot of IoT firms have come up in India over the past few years to tap into a nascent but growing market. The central government’s department of electronics and information technology is also preparing a policy for the IoT industry. Its draft policy aims to create a $15 billion IoT sector in India by 2020.

IoT ventures that have attracted investors include Bengaluru-based Smartron India, which raised funds from cricket legend Sachin Tendulkar in March.

In February, Delhi-based Freedom Smart Labs Ltd secured around $145,000 in seed funding while Pune-based Altizon Systems Pvt Ltd raised $4 million in Series A funding led by Wipro Ventures and Lumis Partners.

The IoT market in India is expected to grow up to $15 billion by 2020 from $5.6 billion this year, driven by adoption across sectors like manufacturing, automotive, transportation and logistics, a report by Nasscom and Deloitte has said.

According to the report, IoT market in India stands at $5.6 billion with 200 million connected units in 2016. This is expected to grow to $15 billion with 2.7 billion units by 2020, similar to the growth seen globally.

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Malviya Centre for Innovation Incubation & Entrepreneurship is an incubator, managed by Banaras Hindu University. It focuses on agriculture, food, information and communication and bio technology sector and provides business management and infrastructure support to startups. The company was founded in 2009 and is based in Varanasi, Uttar Pradesh.


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