Existing investor Blume Ventures also participated in the round.
Previously, the company had raised angel funding of $200,000 in 2015 from investors including Rahul Khanna (managing partner, Trifecta Capital), Rajan Anandan (vice-president and managing director of Google, South-East Asia and India Google) and Snapdeal co-founders, Kunal Bahl and Rohit Bansal.
The company will use the funds to expand its team and its product to South-east Asian markets.
Founded in 2014 by Rahul Bhalla, Vishal Bansal and Amarjeet Singh, Zenatix is a data-driven energy efficiency company.
“We are both a hardware and a software company,” said Bhalla in a telephonic interview. He explained that the company has built a device, WattMan, that records energy consumption and patterns of retail outlets; use this data in machine learning models and help its clients save 10-30% on its electricity spend and make them energy efficient.
The company works with banks and large retail chains that have at least 1,000 branches and 500 retail stores respectively. “A company that has an average of 1,000 stores, each 2,500 sq ft large, would spend Rs80-100 crore annually on electricity. We are able to help them save 10-30% on this electricity spend”, said Bhalla.
Launched in April 2016, the company has deployed WattMan in over 500 retail outlets including bank branches and ATMs, across its clientele of 20 companies.
Currently a team of 32, the company will double its team in next 12-18 months, as it plans to deploy 2500 WattMan in next one year, increasing its clientele to over 50-60 companies across India, Singapore, Malaysia, Indonesia and Thailand.
Based on subscription-based model of revenues, Zenatix aims to earn annualized recurring revenue of $2 million by mid 2018, of which 15-20% from overseas market, added Bhalla.