IAN backs IoT-based energy management solutions startup LoudCell
Indian Angel Network (IAN), a national network of angel investors that invests in startups and early-stage ventures, has invested an undisclosed amount in Delhi- and US-based LoudCell Inc., a startup that develops solutions to save diesel cost and reduce wastage/inefficiency for diesel generators in India and other emerging economies.
IAN members Pradeep Gupta Vishal Lalani co-led the investment in the startup. The funds would be used for hiring, business growth and brand building, besides product development.
"Today, customers do not have any other available product that helps them reduce operational wastage and control pilferage of diesel in the generators. LoudCell's user-friendly technology fills this gap, providing customers actionable intelligence and insight into their diesel usage profile," said LoudCell co-founders Ramesh Gupta and Ashish Srivastava.
The startup was founded in 2010 by Gupta and Srivastava. An alumnus of Indian Institute of Science in Bangalore, Gupta earlier founded Guptacom Technologies. His partner Srivastava is an alumnus of University of Illinois at Chicago, and previously worked in companies, including VIOM Networks and Aviat Networks.
LoudCell's offerings are based on IoT and cloud technologies. The startup claims that it develops innovative and sophisticated technology to address the problems of fuel and energy wastage. It has developed a sensor technology along with intelligent algorithms, and its products are capable of detecting micro amounts of fuel theft and delivering this information to customers from remote locations in real time.
India has an estimated installed base of more than 5 million diesel generators of capacity greater than 15 KVA (target market) and growing. These generators consume $13 billion worth of diesel annually. LoudCell claims its technology is applicable to India and all emerging economy markets such as Africa and South East Asia.
"IAN's investment in the venture is primarily driven by the fact that India has a huge market for diesel consumption as it is fast becoming a manufacturing base for most companies. However, the consumers have very limited options in terms of controlling fuel and energy consumption," said Pradeep Gupta, who is joining LoudCell's board.
"LoudCell's ability to reduce diesel consumption and in turn the carbon footprint aligns with IAN's focus on high social impact ventures as well," he added.
(Edited by Joby Puthuparampil Johnson)