Gurgaon-based Zenatix Solutions Pvt Ltd, an Internet of Things (IoT)-based energy management startup, has raised an undisclosed sum in a pre-Series A round from Blume Ventures.
In a media statement, the company said the funding will be used primarily for product enhancement and to expand operations. The funds will also be used to strengthen its technology, product and sales teams, as the company looks to add customers.
Zenatix co-founder and CEO Rahul Bhalla said the company is aiming to achieve annualized recurring revenue of $1 million over the next nine to 12 months.
Founded in December 2013 by IIT Delhi alumni Bhalla, Vishal Bansal and Amarjeet Singh, Zenatix provides an energy management product that helps building managers save more than 10 per cent on their energy cost using intelligence from real-time data.
Zenatix installs energy monitoring equipment such as smart meters and controllers. The date from the smart meters is monitored in real time using a cloud-based software. The data can be visualised using the proprietary software of Zenatix.
The company operates in Delhi-NCR and has a few select customers in Bangalore. It plans to expand into Bangalore and Mumbai over the next two to three months.
Bhalla said the company operates on a software-as-a-service management model where the customer does not pay upfront for the hardware or software. "Typically, the customers become cash flow positive by a significant amount from the second month onwards," he said.
In July, Zenatix raised Rs 1.27 crore ($200,000) in seed funding from Snapdeal co-founders Rohit Bansal and Kunal Bahl, Google Southeast Asia head Rajan Anandan and a clutch of other investors.
Among energy management startups, Bidgely Inc, a California-based energy analytics firm that has its engineering unit in Bangalore, raised $16.6 million (Rs 108 crore) in a Series B funding round in November.