Water management solutions start-up WEGoT has raised $2 million seed funding from a clutch of investors including GoFrugal, Shyam Shekar from iThought, and Brigade Enterprises Ltd.
This capital will be used predominantly to strengthen its IoT enabled product portfolio and scale its presence in India. The Chennai-based company also plans to invest in recruitment.
“Everywhere around us, we see billboards and messages to save water, but nobody gives you an idea of where to start -- a quantifiable and actionable way to do so. This is because we do not have access or insight to the right data to take the next step," said Vijay Krishna, CEO and co-founder of WeGot.
WEGoT’s sensor-based Internet of Things device and a software platform VenAqua, helps to reduce the demand for water by more than 50 per cent by tracking real time flow. The data collected from various installations across residential and commercial buildings are analysed and the insights are shared with the end-users on a mobile app. As part of the process, people become more accountable and decrease their consumption by making real-time decisions.
“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. 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,” said Kumar Vembu, co-founder of GoFrugal.
WEGoT currently services over 25,000 homes across India and manages water in commercial properties spanning 20 million square feet.