WeGoT Utility Solution, a startup based in Chennai with offices in Hyderabad, Mumbai, and Bengaluru raised $2 Million from seed funding, the company is offering Internet of Things (IOT, where hunman to human or human to computer interaction is not needed) based water management solutions where they help people analyse their water consumption and work on it.
The company said these funds will be used not only scare the production but also double its workforce in the coming 6 months in R&D (Research and Development), Marketing, and sales departments.
WEGoT’s IoT device and software VenAqua helps people track the water flow in real time. The collected data is then analysed and shared with the building owners or concerned individual via a mobile application.
Co-Founder and Chief of Growth and Strategy WEGot, Abilash Haridass said, ‘Earlier, we used to sell the product and it was a decision people had to make. We wanted to bring the decision-making time down by giving it away for free, but we would be paying out of pocket for that. So that’s why we decided to raise money’. Now the company will follow a subscription based model for operations wherein the product will be free but the company will charge for installation and take a monthly fee for the data.
He added, ‘We will use the funds to build on the features, both on the hardware and software side, to help people save even more water. We will also invest on improving customer service, automation and on building the team’.
GoFrugal’s Co-Founder Vembu, who among the lead investor said, ‘A recent water report states that 21 of the metro cities will run out of water by 2020 and majority of the Indian water resources will run dry by 2030. Given that residential usage accounts for a large portion of India’s water consumption, water is one luxury that needs to be conserved efficiently. We need a technology that will make people liable for misuse of water. WEGoT is addressing exactly this issue and we are very confident that their breakthrough technology will disrupt the way we perceive this vital resource’.
Nirupa Shankar, Founder of Brigade Real Estate Accelarator Program added, ‘According to the Composite Water Management Index report by Niti Aayog, the ongoing water crisis will severely affect India’s realty sector, even threatening developers working on major projects. So commercial buildings today need to be adapted to a rapidly transforming landscape. Incorporating data-driven efficiencies in water management solutions holds great promise in the commercial real estate sector, and we strongly believe WEGoT is positioned to disrupt this space’.