Recently we interacted with Mr. Arjun Sinha Roy, Co-founder iRasus Technologies Pvt Ltd, an energy analytics company in cleantech domain. Here are the interview highlights:
Brief us about your journey and how you started.
We both are from BITS Pilani and nearly 20 years apart. Before launching iRasus, we both worked in different fields. While working in the telecom sector, I witnessed the industry’s evolution from the early days to 4G and the introduction to 5G; Anirudh focused on solving the key technical problems for the renewable energy sector. Our interactions through the alumni forums eventually led us to form a novel enterprise focusing on clean tech.
Our journey started in 2018, and we entered a market only known to some people. We realized that optimizing battery performance through innovative data-driven battery management would become critical in the years ahead. At that time, very few people really understood the need, but they had faith in our vision. We persisted with our efforts, and eventually, one battery maker allowed us to work with their engineering team to build the prototype. The pandemic hit when the prototype was ready to be tested. After the break, we resumed our work, and soon after the relaunch, the second wave led to another lockdown.
We have been patient and persistent, displaying our prototypes in exhibitions and events after things returned to normalcy. The positive response from the consumers led to one thing after another. iRasus is rapidly gaining popularity among EV OEMs, battery pack OEMs, fleet operators, telecom tower operators, charging infrastructure companies, battery swapping networks, and other stationary battery systems. The early mover’s advantage has given iRasus an excellent market reputation in renewable energy, battery performance analytics, and enhancement. The company is now set to expand its service portfolio by including battery leasing, battery swapping, financing, etc., in its portfolio.
Brief us about the iRasus.
iRasus has rapidly emerged as a game-changing tech company that has found solutions for multiple challenges in managing lithium batteries. It is making the entire system seamless by providing accurate, data-driven analysis. iRasus’s battery analytics and visualization platform adds excellent value to the e-mobility sector and is also helping in battery management for stationary use cases.
iRasus offers various data analytics software products and SaaS tools to EV OEMs, battery pack OEMs, fleet operators, telecom tower operators, charging infrastructure companies, battery swapping networks, and other stationary battery systems. The DPIIT and Startup India registered enterprise won the FLCTD Innovation Challenge organized by BEE and UNIDO.
iRasus has been innovating tech-driven solutions for the EV industry to resolve key reliability challenges, including benchmarking, safety, and compliance. The company has worked with a three-wheeler aggregator to solve the problem of Benchmarking of Km range for a kwH of Energy in different battery packs. The platform built by iRasus provides an understanding of Thermal Management and Battery Cell Balancing to predict Battery failures.
Please tell us about the service you provide to your clients.
We have built a deep tech platform that analyses and generates insights related to stationary and EV batteries. The batteries are connected to the cloud platform for data visualization, analytics, and third-party development and integration. iRasus has built a unique solution since it is agnostic to battery chemistry and can work on different battery types with the same consistency of accurate and efficient outcomes. The technology creates digital avatars of batteries, enabling them to be intelligently plugged into any business application. This ability has been a significant boost for the e-mobility sector. The whole tech stack is interoperable and can be used by any battery management company. Various solutions, such as energy data analytics software and SaaS tools, are offered to EV OEMs, battery pack OEMs, fleet operators, telecom tower operators, charging infrastructure companies, battery swapping networks, and other stationary battery systems etc.
The Platform has a layer of Business Modules which solves various problems for different industries in which iRasus Operates. The platform is evolving into a complete EV Monetization Stack with the Battery data as the underlying core data infrastructure.
What are the use cases of iRasus?
iRasus has built an advanced battery analytics and visualization platform unique in that it is not dependent on battery chemistry or manufacturing brand. It can seamlessly work as an excellent value enhancer for EV batteries as well as for the stationary use cases of the batteries. The company offers its data analytics software products and SaaS tools to EV OEMs, battery pack OEMs, fleet operators, telecom tower operators, charging infrastructure companies, battery swapping networks, and other stationary battery systems.
Kindly elaborate on some of the significant challenges the company has faced till now.
iRasus entered a nascent market where the core Battery Engineering itself needed to be fully understood and was evolving regarding Standards and Processes. Many early discussions centered around why data is needed and who would pay for the additional investments. iRasus also launched its platform just before the onset of Covid and saw nearly two years of Covid Induced Disruption to the market and our growth path. Another key challenge has been getting good engineering talent keen to work at the intersection of Electronics, Energy, Chemistry, Software Engineering, and Data Analytics.
What is the roadmap for iRasus going forward?
iRasus has acquired significant expertise in renewable energy, battery performance analytics, and significant events. The company has benefited significantly from its early-mover’s role in the domain. Alongside continuously improving the tech stack, iRasus is now set to expand the market coverage and product portfolio by including services such as battery leasing, battery swapping, financing, etc.
What goals are iRasus trying to achieve by 2023?
Electric mobility had its best year in 2022, and things are set to grow even bigger in 2023. That’s where every EV OEM, battery pack OEM, fleet operator, and energy service provider is searching for ways to improve battery life and output from each charge cycle. This is where a smart battery management system like iRasus has tremendous growth potential. The platform aims to scale its clientele rapidly and introduce battery leasing, swapping, and financing services to become an end-to-end ecosystem player.
Are you planning to raise more capital? If so, how much and for what purpose?
As a growing tech solutions company, iRasus requires funds for research, product development, market coverage, and launching new products and services in the times ahead. The company started as a bootstrapped venture and recently raised seed funding from marquee investors. That’s why we will keep looking at strategic fundraising rounds in the future.