Excl: Bangalore-based cleantech startup Wifinity secures another angel funding round
Bangalore-based Wifinity Technology Pvt Ltd, which provides wireless-based energy management, security and smart-grid solutions to enterprises, has secured another round of angel funding from Rajkumar Elango and Indian Angel Network member Sanjai Vohra, a source privy to the development told Techcircle.in.
Elango, who has also invested an undisclosed amount in Fetise.com, an ecommerce platform for men's apparel, is an existing investor in Wifinity, having committed funds a couple of years ago.
For more details of the transaction, click here.
It is not immediately clear how the firm is planning to use the money. An email query sent to its co-founder and CEO Jay Krishnan did not elicit any response till the time of publishing this article.
Founded in 2010 by Krishnan and Dhananjay Shukla (CTO), Wifinity provides customised, wireless, demand-side management solutions to enterprises. The firm uses machine-to-machine, artificial intelligence and wireless sensor networking solutions to enable enterprises to reduce energy and water consumption.
The startup also offers manufacturing execution automation, lighting management, asset management, data centre management, energy auditing and consulting, battery management and solar monitoring solutions.
Krishnan holds an MBA from IIM Bangalore and a master's degree in electrical engineering from the University of Hartford in the US. Prior to setting up Wifinity, he worked with Juniper Networks and Cisco Systems. His partner Shukla is an MBA from IIM Bangalore and previously worked with Nortel Networks, Cisco Systems and Centillium Communications.
Elango, an accredited US investor, invests $100,000-$500,000 in one-three startups every year. He has invested in Fetise.com, Equidebt Corporate Advisors Pvt Ltd, VioletBag.com, Arohana Dairy, Greytip Software, Indusdiva.com.
Vohra, who started his career with Citibank in India after securing an MBA from IIM Ahmedabad, has also worked with various global financial institutions, including JPMorgan Chase. Vohra, who is a Hong Kong-based banker, spent his initial years in credit/risk management functions.
(Edited by Joby Puthuparampil Johnson)