WorkOnGrid, an AI startup, has successfully raised ₹22.5 Cr (approximately $2.4 million) in a funding round led by Transition VC, with additional support from the Indian Angel Network.
The capital will be utilized to bolster the company's AI and machine learning capabilities, as well as to develop infrastructure for international expansion.
Established in 2017 by Udit Poddar, Shreyansh Jain, Aayush Agrawal, and Shaurya Poddar, WorkOnGrid began as a data consulting firm for small and medium enterprises (SMEs). The company has since evolved to offer a utility data warehousing and analytics platform tailored for utility companies.
WorkOnGrid's primary offering, known as Grid, serves as a centralized system for gathering and organizing operational data. It integrates various utility systems, including billing and meter data systems, enabling managers to efficiently monitor operations, generate reports, and swiftly identify issues.
This platform also features capabilities to detect electricity theft, pinpoint faulty meters, forecast maintenance requirements, and highlight areas within a power network that may be experiencing difficulties. Users can interact with the system using simple language to obtain insights or automated reports.
Prior to this funding round, WorkOnGrid had raised $820,000 across two earlier rounds, demonstrating its ability to attract investment in a competitive landscape.
The current funding comes at a time when investors are increasingly focused on supporting AI startups with robust business models and practical applications. For instance, other recent funding activities in the AI sector include H2LooP, which raised $2 million, and Noon, which secured $44 million to enhance product development.
Investment firms are actively seeking to back technology startups, particularly those that offer unique solutions for operational automation and accuracy. In February, Qualcomm announced plans to invest $150 million in India's tech and AI startup ecosystem through Qualcomm Ventures.
