Data gives us insight into how humans and machines behave. It helps us identify patterns and sharpens our decision-making abilities. Innovation and analytical tools have been able to manoeuvre data so we can take faster and more appropriate decisions.
Data-driven innovation: 3 startups to look out for in 2022 in Venture Catalysts and 9Unicorns’ joint demo day (D DAY 2 on April 14).
Data is invaluable and startups have been able to spot the importance of data quicker than traditional big businesses have. Especially in India, several startups have been able to create new and unique products and solutions by analysing data and taking advantage of the insights synthesised from them.
Here’s a low down of some data-driven innovation startups that you should watch out for:
If you knew which electrical appliance in your home consumed the most amount of electricity or needed an upgrade, imagine the savings you could make on your electricity bill? Sustlabs offers you a smart solution to distinguish appliance level consumption from the MCB box without deploying any additional sensors inside the homes.
Founded by Kaushik Bose, Sustlabs licenses its ‘FitBit for homes’ consumer IoT stack to global OEMs like Schneider Electric, Legrand, and others. The residential electricity users can now have an itemised understanding of their electricity bills. The stack is affordable as well as modular.
Their product — Ohm Assistant — is a real-time electricity activity tracker and with the use of machine learning algorithms, Sustlabs helps customers learn about appliances inside their homes. With Ohm Assistant, consumers can save energy by making smarter decisions about their appliances.
Is it possible to virtually store excess energy? Yes, says Sheru, a deep-tech startup by Ankit Mittal that is building an energy storage cloud for renewable developers and utilities to store excess energy virtually. The infrastructure required for storing excess energy physically is capital-intensive, degrades with time and needs maintenance. Sheru makes battery swapping stations bidirectional so that they can give power back to the grid.
Sheru E.Co (Energy Cloud) aggregates idle batteries at bidirectional battery swapping stations. E.Co helps renewable developers store energy virtually, on-demand and pay-per-use. This also helps battery swapping operators monetise from idle time.
India is targeting 75% energy production from solar by 2030 and lack of energy storage can lead to massive energy wastage. Potentially, causing 20% emissions for the country despite renewable push. Sheru is India’s first startup to solve this problem
Founded by Abhinav Ayan and Anirban Jyoti Chakravorty, Cusmat is trying to build an immersive industrial skilling platform to tackle the revenue loss and high operational costs that enterprises face due to the cost of poor skill in their organizations.
Utilising high immersion technologies like AR and VR accompanied by a robust analytics engine in the back-end gauging performance, they provide an end-to-end solution including post-training evaluation and in-depth post-analytics, reducing the training costs and time by over 400%, directly impacting the bottom-line of businesses.
The startup has over 30 Enterprise Customers like Schneider Electric and other globally renowned companies like DTDC, Voltas, DHL, Toshiba, Mitsubishi, and others.
The active use cases are divided into 2 categories: a.) heavy equipment training such as training on forklift or cranes usage, and b.) hands-on skills such as last-mile delivery, welding, and pump repairing with training now available in multiple regional languages. It is designed this way since it often caters to blue-collar workers who might be able to train better in local languages. The startup has already seen 30x revenue growth and is conservatively projecting a $3M ARR by March 2023.
The startup is already backed by renowned investors like Venture Catalysts, Map My India, Better Capital, and many other major names in the industry.
To get to know these four groundbreaking startups better, catch Demo Day 2 (DDay2) organised by Venture Catalysts and 9Unicorns. You can access the showcase by registering here.