WEGoT Utility Solutions, an IoT-based water management startup, has closed a $2 million (approx INR 17 crore) seed funding round from clutch of investors, reported Mint.
The company WEGoT Utility Solutions said that the bulk of the funding will use utilized to strengthen its IoT-enabled product portfolio, scale its presence in India, and double its employee base in the next six months, especially in research and development (R&D), sales and marketing.
Abilash Haridass, co-founder and chief of growth and strategy at WEGoT, said that WEGoT was bootstrapped and profitable.
“Earlier, we used to sell the product and it was a decision people had to make. We wanted to bring the decision-making time down by giving it away for free, but we would be paying out of pocket for that. So that’s why we decided to raise money,” Haridass said.
WEGoT Utility Solutions was founded by Abilash Haridass and others in 2015. The platform WEGoT’s sensor-based IoT device and software platform VenAqua, tracks water flow in real time.
Commenting on its working, the company said that the data gathered from different installations pan residential and commercial buildings, is monitored and the insights are shared with the end-users on a mobile app.
“We will use the funds to build on the features, both on the hardware and software side, to help people save even more water. We will also invest on improving customer service, automation and on building the team,” he said.
Kumar Vembu, co-founder GoFrugal, said “A recent water report states that 21 of the metro cities will run out of water by 2020 and majority of the Indian water resources will run dry by 2030. Given that residential usage accounts for a large portion of India’s water consumption, water is one luxury that needs to be conserved efficiently. We need a technology that will make people liable for misuse of water. WEGoT is addressing exactly this issue and we are very confident that their breakthrough technology will disrupt the way we perceive this vital resource.”