IIT Mandi incubated AI Startup bags 3rd place in Schneider Electric’s Asia Pacific level startup pitch contest
Mandi: An Indian Institute of Technology Mandi-incubated startup has won the 3rd place in Schneider Electric’s Asia Pacific level startup pitch contest held in Singapore recently. Schneider Electric is seeking the most innovative and promising startups in Asia Pacific to start collaborations with.
The Solar Labs Startup helps solar companies analyze sites remotely using site video and design an optimized solar PV system that generates the maximum solar energy for that site. With the help of this startup, companies cut down on their design time and increase top line revenue.
Companies doing OPEX installations can get a higher ROI (Return on Investment) on their installed systems due to better designed systems. The Solar Labs was incubated at IIT Mandi Catalyst and NASSCOM 10k Startups.
Speaking about the importance of this award to the startup, Dr. Puran Singh, Faculty In-charge, IIT Mandi Catalyst, said, “The award contributes to market validation for The Solar Labs Team at an international level. We wish the team best in forging international collaborations and partnerships that would benefit them. IIT Mandi Catalyst looks forward to bringing in more such startups to national and international forums.”
The Solar Labs Startup was founded by IIT Mandi students who rejected high paying jobs and started the company together. The company started off based on multiple internships done by Mr. Siddharth in the solar industry. He assessed how the industryfunctioned with overly manual processes and very little use of technology apart from solar panels and inverters itself besides complex software.
Speaking about Solar Labs, its Founder and CEO, Mr. SiddharthGangal said, “At IITs, we learn about the latest technology and implementations. I saw how the latest research in Computer Vision and Artificial Intelligence could be applied to ease processes in the solar industry, which are overly manual and un-optimized.”
Using Artificial Intelligence, the Solar Labs software can find out for any roof what was the best way to place solar system on the roof. The startup plans to scale up their business, particularly focusing on sales abroad.
More than 3,200 world-leading entrepreneurs, executives, and industry leaders gathered together at Innovation Summit Singapore 2018 to explore, discuss and create opportunities for powering and digitizing the economy.
Away from pollution, long commute, noise and other big-city problems, IIT Mandi Catalyst offers a low-cost, peaceful and yet high end destination to early stage startups. Catalyst, a Technology Business Incubator (TBI), in town Mandi in Himachal Pradesh aims to support budding entrepreneurs who intend to develop innovations that would shape the world of tomorrow.
Through its support programs, Catalyst nurtures and guides early stage entrepreneurial initiatives by facilitating wide range of support that includes infrastructure, finances, mentoring, and industry connections. Launched in 2016, Catalyst is an upcoming startup destination for startups from across the country.