28 February 2020:
MinionLabs has raised fresh funding from Indian Angel Network. The funding round was led by prominent IAN investors Kaushik Rajan of Kochi Holding Private Limited and R. Mohan Kumaramangalam.
The financial details have not been disclosed yet.
The startup will use the fresh capital infusion to boost its production, drive sales, and expand its geographical footprint
Gokul Shrinivas, Founder, MinionLabs, said, “We are part of the two most promising & exciting Industries of future – Energy & Internet of things. And we are working in sexiest technologies like Machine Learning, Deep Learning, and Artificial Intelligence. Our team of minions is changing the world by delivering energy efficiency through its state-of-the-art technology-based product. We work hard, are focused, have an open office culture, have guidelines but no rules and policies, celebrate successes, and enjoy hackathons and get-togethers.”
Gokul Shrinivas, added, “We are delighted to receive the support of IAN investors. We will utilize the capital infusion to ramp up our production, bolster sales, and expand our geographical footprint in the coming years.”
Lead Investor Kaushik Rajan of Kochi Holding Private Limited and R Mohan Kumaramangalam, said, “At IAN, we are committed to supporting startups that are leveraging technology to providing innovative solutions to some of the most pressing pain points in society. Energy conservation is one such challenge and MinionLabs is one such startup. Besides its cutting-edge IP, we were also attracted to the founding team’s dedication and industry expertise. We wish them continued success.”
In 2016, MinionLabs had raised an undisclosed seed amount from Subhash Dhar, Former Senior Vice President and Corporate Head (Innovations) and Group Head of Sales and Marketing of Infosys. The startup gave him a successful exit in 2019.
(Image – MinionLabs)