India’s Tata Power and multistage innovation curation and venture development platform for science and technology startups, Social Alpha have announced investment in Industrial IoT (IIoT) startup ‘URJA’ – an innovative solution consisting of smart sensors and analytics platform founded in 2017.
Tata Power said in a press release that with the infusion of new investment, the company will try to scale up its sales strategy, expand B2B business and strengthen their back-end technology using advanced artificial intelligence/machine learning capabilities.
URJA has been awarded a patent on the sensor technology and analytics platform that generates ‘real-time actionable insights’ for factory floor monitoring & automation. The URJA sensors manufactured in-house have enabled small and medium businesses to save on their electricity consumption by detecting energy losses and predicting maintenance of production machinery.
With this offering, Tata Power aims to be a fully integrated Energy as a Service (EaaS) solution provider with niche Smart Energy Management offerings. Tata Power believes in emerging technologies which can help commercial & industrial users to efficiently manage their energy consumption through its offerings.
According to its founders , URJA is estimated to potentially save over US $2 billion through its patented sensors and analytics platform.
“We are just scratching the surface of how powerful device-level insights can be when it’s offered at a massive scale to a Manufacturing & Power ecosystem. The financial backing of Social Alpha and Tata Power will help us execute our vision even more rapidly and build scalable products, learning from experience, perspective and relationships of a leading Power Company,” said Saurabh Jhamb, Chief Executive Officer, URJA, in the press release.
Image credit: Tata Power