Established in 2018, Solinas develops robotic and Synthetic Intelligence (AI) options for the water and sanitation business, with a give attention to detecting defects and leakages in water and sewer pipelines, assessing their situation and eliminating handbook scavenging by way of mechanized cleansing of manholes and septic tanks.
- Additionally learn: Mitsui & Shell backed biomass-to-steam firm Punjab Renewable seeks to lift ₹150 crore
That is Neev II Fund’s sixth funding. The dimensions of this funding has nevertheless not been disclosed. Non-public sector capital has additionally been mobilized from Zerodha Founders funding arm, Rainmatter Capital.
Solinas has three main merchandise beneath its present portfolio with a number of patents – Endobot, Swasth AI and HomoSEP.
Endobot is a crawler robotic designed for inner situation evaluation and defect detection in water, sewer and drainagelines. Endobot is enhanced by Swasth AI which is an AI primarily based digitisation platform storing and analysing all the information collected by the Endobot. This integration of Endobot and Swasth AI is poised to deal with the urgent difficulty of water distribution losses, which might attain staggering ranges of 40-50 per cent and lead to each day losses amounting to ₹163 crore in sure States.
HomoSEP is a robotic particularly designed for the efficient and full cleansing of manholes and septic tanks (4 instances quicker than handbook scavenging) with a motive to eradicate handbook scavenging.
- Additionally learn: SBI shares up on proposal to accumulate 100% stake in SBICAP Enterprise for ₹708 cr
Solinas is led by Founder and CEO, Divanshu Kumar (Mechanical Engineer from IIT Madras) and Founder, Moinak Banerjee (Masters in Machine Design and Engineering from KTH Stockholm and having earlier labored with Scania Group, European House Company and so forth.).
Neev II’s strategic funding will assist Solinas’s mission of local weather change adaptation by enhancing the resilience of water and sanitation infrastructure.
Nicola Beer, Vice-President of the European Funding Financial institution (EIB) stated “EIB welcomes NEEV II fund’s funding in Solinas matching our dedication to enhance entry to wash water and sanitation for all. The funding of Solinas is aligned with the European Union’s World Gateway initiative, supporting sound tasks that enhance international and regional connectivity within the digital, local weather, transport, well being, power and training sectors.
The EIB is proud to assist a challenge that may profit with improved entry to water provide to round 2000 folks per every kilometre of repaired water pipelines, and that may cut back 4 instances the cleansing time of manholes and septic tanks.”
Mitsunori Saito, Chief Consultant, JICA IndiaOffice stated, “I’m delighted to welcome Solinas to hitch our JICA – Neev Fund co-creation platform. This funding aligns with our international agenda of securing sustainable water assets and selling environmental administration”.
- Additionally learn: Neev Fund II to spend money on Chakr Innovation
Suresh Kozhikote, MD & CEO SBICAP Ventures Ltd stated “Our assist for this transformative initiative, by way of Neev II Fund, additionally goals to empower the sanitation employees in India by equipping them with the mandatory expertise and assets for equitable and secure work situations.”
Akshay Panth, CIO, Neev Funds stated “Our funding in Solinas is aligned with our goal of enabling expertise led revolution in nascent sectors reminiscent of water and sanitation which have obtained restricted funding and positively contribute to addressing local weather change challenges.
By our funding, we intention to pave the best way for a stronger and sustainable water and sanitation infrastructure, constructing local weather resilience, enabling adaptation and driving social change.
#NeeV #Fund #picks #minority #stake #climatetech #firm #Solinas