Chennai, The Chennai-based water management solutions provider WEGoT today announced closing of USD two million seed funding. GoFrugal, Shyam Shekar from iThought, and Brigade Enterprises limited led the round. Other leading investors included Vibhu Natarajan, Director at Grotech Landscapes, Rajagopal S from
Entrust, Joydeep Ponugoti from Manbhum Constructions and PromodKumar, who are industry experts in the real estate technology and consumer industries. A WEGoT release3 said this capital infusion will be used predominantly to strengthen its IoT enabled product portfolio, scale its presence in India.
The company also plans to invest in recruitment and hopes to double its employee base in the next six months for R and D and sales and marketing. ‘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”, according to WeGot CEO and co-founder Vijay Krishna.
He said India was gradually beginning to realize the importance of water and how to use it smartly. ‘Traditional water meters detect air passing through pipes that causes errors in reading. In addition, leakages, abnormal usages and open taps are not detected by traditional water meters’, he said.
WEGoT’s R and D team has solved this and has developed a high precision smart water meter that could provide data, which was of interest to multiple stakeholders–utilities, homeowners, insurance companies, maintenance providers, facility managers, government organizations and research foundations.
‘Our solution is compatible with existing plumbing design and can be customized based on the requirement and helps reduce the demand for water drastically’, he said.