IoT-based water management startup WEGoT raises $2 mn seed funding
WeGoT Utility Services, internet of things (IoT)-based water management solutions provider, has raised $2 million in seed funding, led by existing investors like Bengaluru-based realty company Brigade Enterprises, technology firm GoFrugal Technologies and iThought Financial Consulting founder Shyam Shekhar.
The round also saw participation from individual investors from the real estate sector, the startup said in an official statement.
The Chennai-based firm plans to use the funds for strengthening its product portfolio, geographical expansion, increasing its employee base and research and development.
“Water conservation will be a major issue in coming years and we have an immense growth opportunity by helping design more water-efficient buildings. Our vision is to change the way people and buildings use water by implementing our smart water management solution across a million houses and save 10 billion litres of water in the next two years,” said Abhilash Haridass, co-founder, WeGoT Utility Services.
WeGoT, through its software platform VenAqua, reduces water requirement in a housing complex by curbing wastage through data collection and analysis tools. The company claims to reduce water demand by 50% through its platform.
By 2020, 21 Indian metro cities are likely to run out of water making such platforms a necessity, said GoFrugal co-founder Kumar Vembu.
The company was part of Brigade Enterprises’ 2018 accelerator programme REAP for startups in the real estate segment. On completion of the programme, the solutions developed by the startups are absorbed into the industry.
IoT-based sewage treatment company ECOSTP, workplace solutions provider Synconext, procurement platform QuickQuotes and lumber marketplace Woodzon were the other startups to graduate from the programme.