IIT (Indian Institute of Technology) Mandi-Incubated AI Startup has grabbed awards in startup pitch contest held in Singapore recently. The newly started IIT is emerging every year and this year has won the third place in Schneider Electric’s Asia Pacific level startup pitch contest conducted in Singapore. The Solar Labs, which is an award winning startup by IIT Mandi, helps solar companies analyze sites remotely using site video and design an optimized solar PV system that generates the maximum solar energy for the sites. According to a statement from the technological institute, this startup helping these companies cut down on their design time and increase top line revenue.
The program called Innovation Summit Singapore 2018 was conducted in Singapore recently and over ,200 world-leading entrepreneurs, executives, and industry leaders gathered together at the event to discuss, explore and create better opportunities for powering and digitizing the economy around the world.
Earlier, Solar Labs was incubated at IIT Mandi Catalyst and NASSCOM 10k Startups. IIT Mandi Catalyst is the first Technology Business Incubator/ TBI in Himachal Pradesh state. An official from the IIT Mandi said “Companies doing OPEX installations can get a higher ROI or Return on Investment on their installed systems due to better designed systems”.
Students at IIT Mandi has founded the solar labs startup, these students have earlier rejected high paying jobs and started the company together. The company was started off based on multiple internships done by Mr. Siddharth in the solar industry. On the occasion of pitch contest, he addressed how the solar industries has functioned with overly manual processes and very little use of technology apart from solar panels and inverters itself besides complex software.
Puran Singh, Faculty In-charge at 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”.
Founder and CEO at Solar Labs, Mr. SiddharthGangal was speaking about the solar labs on the occasion, he 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.” The statement from IIT Mandi indicated the use of artificial intelligence. IIT Mandi said in the statement “the Solar Labs software can find out for any roof that was the best way to place solar system on the roof. The startup plans to scale up their business, particularly focusing on sales abroad.”