Business

IoT Startup WEGoT Raised $2 million in Seed Funding

WEGoT

IoT-based startup WEGoT on Wednesday said it has closed $2 million as part of its seed funding, led by GoFrugal, Shyam Shekar (Founder of iThought), and Brigade Enterprises Ltd. The startup offers integrated water management solutions in real-time to prevent and address the water crisis.

Other investors who participated in this round include Vibhu Natarajan, Director at Grotech Landscapes, Rajagopal S from Entrust, Joydeep Ponugoti from Manbhum Constructions, and Promod Kumar who are industry experts in the real estate technology and consumer industries.

WEGoT was founded in 2015 by Vijay Krishna, Mohamed Mohideen, Abilash Haridass, Sundeep Donthamshetty, and Selvakumar AB. The company leverages its sensor-based Internet of Things (IoT) device as well as a software platform VenAqua to help in reducing the demand for water by more than 50% by tracking real-time flow.

With a strong presence in Chennai, Bengaluru, and Hyderabad, and multiple projects in Mumbai and Kolkata, WEGoT has 30,000 apartments and 20 million square feet of commercial space using its water management solution, VenAqua.

The granular data collected from various installations across residential and commercial buildings are analyzed, and the insights are shared with the end-users on a mobile app. As part of the process, people become more accountable and decrease their consumption by making real-time decisions. Vijay Krishna, CEO, and Co-founder of WEGoT, said,

The company said that the bulk of the funding will be utilized to strengthen its product and technology. WEGoT, which currently has offices in Chennai, Bengaluru, Hyderabad, and Mumbai will expand its sales footprint across India.

“Our primary focus now will be on geographical expansion. We have already started projects in Pune, Ahmedabad, NCR, and Kolkata. We will set up a sales team in these regions shortly,” said Abilash Haridass, Co-founder and Chief of Growth & Strategy, WEGoT Utility Solutions.

The startup’s solution is subscription-based, wherein the company gives the product for free, and users pay a nominal monthly fee of Rs 149 (for a residential setup) or 20 paise per square feet (for a commercial setup) apart from installation charges.

“In the next two quarters, we will also launch a water management solution for individual homes and small retail. We are working on the product as well as distribution strategy,” Haridass said.

At present, WEGoT has over 60 employees, and services over 25 thousand homes across India, managing water in commercial properties spanning 20 million square feet. WEGoT aims to implement sustainable water management solutions across a million homes and save 10 billion litres of water in the next two years.

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