An Indian Institute of Technology (IIT) Mandi-incubated startup has won the third place in Schneider Electric's Asia Pacific level startup pitch contest held in Singapore recently. The Solar Labs, the award winning 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, according to a statement from the technological institute, companies can cut down on their design time and increase top line revenue.
The Solar Labs was incubated at IIT Mandi Catalyst and NASSCOM 10k Startups.
IIT Mandi Catalyst is the first Technology Business Incubator or TBI in the state of Himachal Pradesh.
Companies doing OPEX installations can get a higher ROI or Return on Investment on their installed systems due to better designed systems, said the statement.
"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," said Dr. Puran Singh, Faculty In-charge, IIT Mandi Catalyst.
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 industries functioned 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 statement from IIT Mandi said, 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.
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