- The company uses the Internet of Things (IoT) device and a software platform that tracks the real-time flow of water
- With this IoT based solution, the company will be able to bring down the demand in water by 50 per cent
WEGot Utility Solutions, a startup offering Internet of Things (IoT)-based water management solutions has announced that the company has closed a $2 million seed funding round.
Kumar Vembu’s GoFrugal, Shyam Shekar from iThought, and Brigade Enterprises Ltd led the round. Vibhu Natarajan, director at Grotech Landscapes, Rajagopal S from Entrust, Joydeep Ponugoti from Manbhum Constructions, and Promod Kumar from the real estate technology and consumer industries also invested in this round, the company said in a press statement.
Abilash Haridass, co-founder and chief of growth and strategy at WEGoT told Mint that the company was bootstrapped and profitable. Initially, when they were selling the product, they found that people took a lot of time to make a buy decision. As a solution, they decided to switch to a different model, where the product is given for free, and the users pay installation charges and monthly fees.
Haridass told the news daily that there are only two ways to solve the water problem either they should increase the supply or bring down the demand. With this solution, the company will be able to bring down the demand in water by 50 per cent in buildings.
WEGoT was founded in 2015 by four engineers, Vijay Krishna, Mohamed Mohideen, Abilash Haridass, and Sundeep Donthamshetty. The company uses the Internet of Things (IoT) device and a software platform that tracks the real-time flow of water.