TekUncorked

TekUncorked Foundation Story

TekUncorked is a startup from India that aims to provide reliable and outage-free electricity. The idea for TekUncorked was born during a significant journey.

Vision and Early Days

Meenakshi Vashist, the founder and CEO of TekUncorked, was inspired to start her company after a 20,000-kilometer journey through rural India. During this trip, she saw a woman carrying a huge load of twigs as firewood, highlighting the lack of consistent and reliable power in many areas[1][5].

This encounter sparked the vision for TekUncorked. Meenakshi wanted to create a solution to reduce electricity losses and ensure that more people, especially in rural areas, had access to power. Her mission was clear: get electricity to the consumer, particularly those in remote, rural areas[1].

TekUncorked is part of the Third Derivative cohort, a program supported by FedEx for clean tech start-ups around the world. This support has been crucial in helping the company grow and achieve its goals[1].

Founding Team Background

The founding team of TekUncorked consists of experienced professionals in the tech industry. Meenakshi Vashist has a background in high technology areas, including hardware, software, and semiconductor development. She has led organizational transformation initiatives globally and has a passion for challenging the norm and defying perceptions about women in tech[2].

Other key members include Ram Sethi, Co-Founder and CTO, and Rohit Monga, Co-Founder and CBO. Ram Sethi brings expertise from his role at Qualcomm, while Rohit Monga has experience in business development. The team's diverse skills and experiences have been instrumental in the company's growth[3].

Meenakshi's journey in the tech industry has been marked by her determination and passion. She has overcome numerous challenges, from studying tech in a male-dominated field to leading global teams, and now she is dedicated to making a difference through TekUncorked[2].

TekUncorked Business Evolution

TekUncorked has evolved significantly since its inception. From its initial concept to its current state, the company has made substantial progress in addressing the issues of electricity distribution in India.

From Initial Concept to Current State

The initial concept of TekUncorked involved creating infrastructure and real-time monitoring devices to pinpoint electricity losses. Meenakshi traveled across rural and urban India, engaging with over 10,000 students and change-makers to develop a lean and collaborative innovation methodology. This approach helped in solving operational and customer engagement challenges for micro, small, and medium infrastructure-led businesses in India through the Internet of Things (IoT)[2][5].

Today, TekUncorked focuses on transitioning distribution grids to be smart, predictive, efficient, and resilient. The company's LVIoT platform includes connected edge hardware, cloud services, a powerful AI engine, and insight-rich dashboards and APIs. This platform is designed to reduce grid losses and support net-zero transformation[3].

The company's journey has involved working with nearly a dozen use cases to mature and field validate the AI-IoT stack. This process helped in evaluating the product-market fit and eventually converging to the LVIoT platform for electricity distribution[3].

Key Growth Milestones

TekUncorked has achieved several key milestones in its growth. Here are some notable ones:

• In 2019, TekUncorked deployed its first pilot in Delhi NCR and a second pilot in January 2021 after overcoming challenges posed by the COVID-19 pandemic[5].
• The company received its first commercial trial order in March 2021 and agreements for pilots from three utilities in August and September 2021[5].
• TekUncorked is part of Qualcomm’s QWEIN cohort for 2021, which provided valuable support through masterclasses, networking, and access to resources from Qualcomm and Microsoft[5].
• The company aims to acquire a 30% market share in India and about 10% internationally, with a revenue target of $10 billion in the next 5-8 years[5].

Product Portfolio Expansion

TekUncorked's product portfolio has expanded to include a range of scalable and AI-based services. Here are some key aspects:

• The LVIoT platform is designed to detect any conditions on or around the grid that can pose a risk or threat to electricity distribution. It leads to an up to 8% reduction in distribution grid losses, thereby reducing the power sector’s carbon footprint[5].
• The platform includes real-time monitoring dashboards, which are essential for utilities to manage and optimize their grid operations[3].
• TekUncorked’s clients include electricity distribution utilities in India, Southeast Asia, Eastern Europe, and the US. Some of its early customers include FabHotels, Kota Smart City, DAPP, and NTPC[5].

TekUncorked Technology Infrastructure

TekUncorked's technology infrastructure is robust and innovative, aimed at solving the complex issues of electricity distribution.

Core Platform Architecture

The core platform of TekUncorked is the LVIoT platform. Here’s how it works:

• The platform comprises connected edge hardware with cloud services, a powerful AI engine, and insight-rich dashboards and APIs[3].
• It uses IoT devices placed on transformers, substations, or pillars to monitor the flow of electricity and the environment in which it is operating[1].
• If any anomaly is detected, an immediate alert goes off, notifying the team to take action. This helps in reducing grid losses and ensuring reliable electricity supply[1].

The LVIoT platform is designed to make the grids smart, connected, and predictive. It aims to reduce the vulnerability and fault-proneness of the grids, making them more secure, safe, and resilient[3].

Security and Compliance Framework

TekUncorked takes security and compliance very seriously. Here are some key points:

• The company ensures that its platform is secure and compliant with industry standards. This involves regular updates and patches to protect against any potential threats[3].
• The use of AI and IoT technologies is managed in a way that ensures data privacy and security. The platform is designed to be resilient and fault-tolerant[3].
• TekUncorked works closely with utilities and regulatory bodies to ensure that its solutions meet all necessary compliance requirements[5].

Innovation in its Industry

TekUncorked is at the forefront of innovation in the electricity distribution sector. Here are some ways it is making a difference:

• The company’s use of AI-IoT technology is innovative and effective in reducing grid losses. This approach has the potential to save billions of dollars annually for utilities[3][5].
• TekUncorked’s real-time monitoring and alert system helps in early detection of anomalies, which can prevent power outages and ensure a reliable supply of electricity[1].
• The platform’s focus on making grids smart, connected, and predictive aligns with the global goal of achieving net-zero transformation and integrating Distributed Energy Resources (DER) into the grid[3].

TekUncorked’s innovations are not only technical but also socially impactful. By ensuring reliable electricity, the company is improving the lives of millions of people, especially in rural areas where access to power is limited[1][5].

Company Market Impact

TekUncorked, a startup from India, is making a significant impact on the country's electricity distribution grid. Here’s how they are achieving this:

User Base Growth

TekUncorked has been expanding its user base rapidly. The company has successfully deployed its AI and IoT-driven Distribution Grid Management Platform, LVIoT, at over 300 locations. This has benefited nearly 350,000 consumers by reducing outages and improving recovery times from breakdowns[7].

The platform's real-time monitoring and predictive analytics have been key in attracting more users. For instance, the system can identify potential threats to electricity distribution, averting losses and enabling sustainable, reliable power. This reliability has increased user trust and satisfaction, leading to a growing user base.

Meenakshi Vashist, the CEO and founder of TekUncorked, emphasized the importance of user experience. She mentioned that the company's mission is to "shorten the duration in which customers are without electricity and make sure that the outage never occurs in the first place"[6]. This focus on customer needs has driven user growth.

Market Share Expansion

TekUncorked is expanding its market share by collaborating with various utilities in India. The company has conducted early pilots with over six private and government utilities and has secured commercial orders within the country[7].

Their innovative approach to grid management has set them apart in the market. The LVIoT platform provides predictive analytics and actionable insights into faults, leakages, imbalances, and inefficiencies. This comprehensive solution has helped TekUncorked gain a significant market share in the power sector.

The company's strategic approach includes leveraging their early-mover advantage to rapidly scale operations in India and expand their distribution globally. This expansion plan is expected to further increase their market share in the coming years.

Financial Inclusion Initiatives

While TekUncorked's primary focus is on providing reliable electricity, their work indirectly contributes to financial inclusion. By reducing outages and improving grid efficiency, they help businesses and households save money that would otherwise be spent on alternative power sources.

The reliable electricity supply also enables businesses to operate more efficiently, potentially increasing their revenue. This economic stability can have a positive impact on the financial inclusion of communities, especially in rural areas where access to reliable electricity is often limited.

TekUncorked's work aligns with broader economic development goals by ensuring that electricity distribution is more resilient and efficient. This can lead to better economic opportunities and financial stability for the communities they serve.

Company Financial Journey

TekUncorked's financial journey has been marked by significant growth and strategic funding.

Revenue Growth Story

TekUncorked has experienced remarkable revenue growth. For the financial year ended 2023, the company saw a 1938.49% increase in revenue. This substantial growth reflects the increasing adoption and effectiveness of their LVIoT platform[8].

The revenue growth is attributed to the successful deployment of their platform across various locations and the expansion of their services to more utilities. The company's ability to reduce outages and improve grid efficiency has led to increased demand for their solutions.

Meenakshi Vashist outlined the company's future financial goals, stating that over the next five years, TekUncorked aims to secure over $1 billion in revenue and orders by implementing a strategic approach.

Path to Profitability

Despite the significant revenue growth, TekUncorked has faced challenges in achieving profitability. For the financial year ended 2023, the company saw a 77.92% decrease in profit and a substantial decline in net worth by 144.3%[8].

The prolonged sales cycle and high turnover requirements for bids have created financial strain and hampered the company's ability to scale quickly. However, the company is working on enhancing its technology, execution, and processes to align with its vision of extreme customer focus.

TekUncorked is accelerating its fundraising efforts to support its initiatives and build a top-tier team specializing in research, development, and delivery. This strategic approach is expected to help the company move towards profitability in the future.

Investment Rounds and Valuations

TekUncorked has secured significant funding to support its growth. The company has raised over Rs 50 million through founders’ capital, contributions from friends and family, strategic angels, and Third Derivative. Additionally, they have secured approximately Rs 40 million in indirect capital through grants and benefits related to cloud services, workspace, and lab access from various partners[7].

The company's valuation has been supported by its innovative solution and market traction. Recognition and awards from notable organizations such as UN Habitat, FedEx Cares, and Microsoft for Start-Ups have further validated their value proposition.

TekUncorked's funding has been crucial in scaling its operations and expanding its market reach. The company continues to seek additional funding to support its ambitious growth plans.

Company Strategic Partnerships

TekUncorked has formed several strategic partnerships to enhance its services and reach.

Banking Collaborations

While specific details on banking collaborations are not readily available, TekUncorked's work with various utilities and government agencies suggests that they may have partnerships that facilitate financial transactions and funding for their projects.

Collaborations with financial institutions can help TekUncorked secure the necessary funding for their operations and expansion plans. These partnerships can also provide the company with the financial stability needed to invest in research and development.

The company's focus on financial inclusion and economic development aligns with the goals of many financial institutions, making such partnerships mutually beneficial.

Merchant Partnerships

TekUncorked works with various merchants and businesses to ensure that their electricity distribution solutions meet the needs of different sectors. By collaborating with these stakeholders, the company can tailor its services to address specific challenges faced by different types of consumers.

For example, the company's platform can help industrial users by providing reliable and efficient electricity supply, which is crucial for their operations. Similarly, residential users benefit from reduced outages and improved grid efficiency.

These partnerships help TekUncorked understand the diverse needs of its users and develop solutions that are more effective and user-friendly.

Technology Alliances

TekUncorked has formed technology alliances with several renowned brands to enhance its AI-IoT based Distribution Grid Management platform. The company is part of the acclaimed circuit backed by brands like Microsoft for Start-Ups, Google for Start-Ups, Nasscom, Qualcomm Ventures, and Zone Start-Ups[7].

These alliances provide TekUncorked with access to advanced technologies, cloud services, workspace, and lab access. This support has been instrumental in the development and deployment of the LVIoT platform.

The company's technology alliances also facilitate networking and partnerships that help them seek, develop, and deliver world-class solutions. This collaborative approach ensures that TekUncorked stays at the forefront of innovation in grid management.

The alliances have also helped in validating the company's solution, with many of these partners recognizing and awarding TekUncorked for its innovative work.