Funds raised to be used for launching new product lines and scaling up company operations.
Imagine your house waking up with you. Your geyser switches on giving you hot water at the exact temperature you want, the lights turn on and the window blinds move up— all automatically as per your need—that’s the promise of Internet of Technology (IoT) and bringing this closer to reality is IoT venture Eden Smart Homes, founded by IIT Delhi students Pranjal Kacholia and Divyansh Mathur.
Started in 2018, this IoT startup has a range of smart homes solutions. Recently, Inflection Point Ventures (IPV), one of India’s most active angel platforms, has invested an undisclosed amount in Eden Smart Homes. The funds raised will be used for launching new product lines and scaling up sales and marketing operations to acquire more customers.
This marks IPV’s 11th investment since March this year. Vinay Bansal, founder & CEO, IPV, says, “We are known to back great founders with great business models with a sustainable growth path. With the ease with which all of us are embracing technology and the Smart City projects currently underway, there is a demand for IoT enabled homes.” Started in 2018, IPV has invested more than Rs 100 crore in over 35 startups.
Eden was launched with an aim to develop an indigenous and cost effective smart home automation system. Eden’s solutions include monitoring power consumption, the ability to view real-time status of appliances, scheduling on and off times for appliances and creating custom scenarios. Also, one-button control of the entire smart home makes it an active smart home solution in a market where there is currently no clear leader.
Kacholia, co-founder of Eden Smart Homes says, “We aim to become India’s leading IoT company in the next three years. In India, the smart home market is expected to be $8 billion by 2023 and we aim to be one of the well-known brands in this segment. Our product helps save power significantly in both the residential and commercial segment.”
Eden Smart Homes currently offers its services in five cities in India. It will use the funds raised to set up its distribution channel across 30 major cities for driving more business in the home segment.