Environment-tech startup Swadha Energies raises seed funding from IAN
Environment-tech startup Swadha Energies Pvt. Ltd has raised an undisclosed amount of funding from seed-stage investment platform Indian Angel Network (IAN).
IAN members MVS Mani, co-founder of Future Focus Infotech Pvt. Ltd, and Nitin Zambre, former managing director at ICF India, led the funding round, the angel network said in a statement. Also, early-stage investor Manu Iyer is joining the startup’s board, the IAN said.
Swadha Energies will use the funds to develop its technologies and drive awareness regarding environmental concerns among people. A part of the investment will also go into enhancing the company’s sales and marketing operations, and in expanding its commercial footprint, the IAN said.
The IIT Chennai-incubated startup provides energy conservation solutions through its tech-driven products.
Swadha designs intelligent HVAC (heating, ventilation and air conditioning) systems that consume less energy. To achieve this, the startup has developed special motor controller and algorithms to optimally manage and control centralized air conditioning in commercial buildings.
“The environmental concern is fast catching up with most business leaders today. Limiting energy consumption is one step towards our pursuit of sustainable development. However, to maximise output while minimising energy consumption requires really innovative thinking, and bright minds at Swadha Energies give us hope for a better future, and so make us feel confident in the merit of our investment,” said lead IAN Investor MVS Mani.
Swadha Energies was co-founded by Ankit Poddar in 2015, who completed his graduation in computer science from West Bengal University in 2011.
The target audience of Swadha’s products is mainly the consultants associated with green-building forums. According to the statement, these professionals can leverage the smart HVAC technologies provided by Swadha to make all the buildings green, through retro-fitting or integrating them for the first time.
The company carried out its first installation at the IIT-Madras Research Park for Rs 6 crore. Since then, it has done over 25 installations, both greenfield and retrofit. Swadha has also tied with Blue Star, a leading HVAC solutions provider.
Poddar said the company is addressing the problems of energy wastage and cost inefficiencies caused by HVAC systems. Our main product is an intelligent motor drive which can be used across industries as agri-pump, elevator or escalator, electric vehicle and domestic appliances, and so on. Our intelligent system further uses the IoT sensor inputs to optimize power,” he said.