Gurgaon-based energy management startup LogicLadder Technologies Pvt Ltd has closed an angel round of funding to the tune of 1.72 crore ($272,000) from a group of undisclosed high net-worth individuals (HNIs).
“We will use the funds for product improvement and marketing. We recently entered the GCC market and now plan to expand our footprint in Southeast Asia,” said co-founder Atindra Chandel.
LogicLadder was founded in 2011 by Chandel and Mayank Chauhan (CEO). Chauhan holds a chemical engineering degree from IIT Bombay and a law degree from Delhi University. He started his career as a software engineer and has worked in strategy execution, business development and sales at various companies, including Sapient Corp.
His partner Chandel studied nautical science at Training Ship Rahaman (Mumbai). Prior to setting up LogicLadder, he worked with Shipping Corporation of India and Anglo Eastern Ship Management (Hong Kong). The duo had earlier founded SenseGrow, a company in the internet-of-things space.
LogicLadder offers energy management software, hardware and consulting services to help enterprises reduce their energy costs. The firm offers a mix of consulting services and a cloud-based energy management system. It works with its clients through the full energy saving cycle, helping them monitor energy use, identify issues and implement energy saving measures.
Its EnergyLogicIQ solution brings real-time insights into an organisation’s energy data through dashboards, reports, alerts and intelligent algorithms. It makes energy inefficiency visible and targetable for driving year-on- year energy savings. The solution also helps companies account for every unit of energy consumed, identify inefficiencies and manage improvements. The firm claims that EnergyLogicIQ is ideal for factories, schools, colleges and multi-location businesses.
The startup currently serves clients in the manufacturing, healthcare and hospitality sectors. Some of its key clients include ABB, Schneider Electric, Siemens, Tata Motors, BHEL and Alstom, among others.
“We also look to raise our Series A funding within the next eight months. We also hope to achieve $2.5 million revenues by the end of FY 2015,” according to Chandel.