GenNext Ventures and Ecorithm Announce Wide Ranging Partnership Agreement

Partnership Brings Advanced Analytics
to Buildings and Beyond in India

SANTA BARBARA, CA and Mumbai, India – GenNext Ventures, a venture capital fund backed by Reliance Industries Limited (“RIL”), and Ecorithm, Inc. have signed an agreement to bring into India Ecorithm’s cutting-edge software technologies that analyze complex, dynamic systems through physics-based pattern recognition. Ecorithm’s powerful suite of technologies can be applied to building systems and various other enterprise solutions to improve operations, optimize systems and minimize energy use. With 400 million square feet of Class A Buildings in India and over 100 million square feet under construction (Cushman & Wakefield, Marketbeat Office Snapshot Reports, 2015), India presents a significant opportunity to scale Ecorithm’s technologies. The partnership marks a leap forward for profit and sustainability in buildings, which account for nearly 40 percent of global energy consumption (United Nations Environment Programme) and produce a larger carbon footprint than all transportation systems combined.

“We have evaluated multiple energy management technologies from across the globe, and Ecorithm is clearly the next generation in building energy management. We are excited to partner with Ecorithm and bring their path-breaking and revolutionary technology to India. As we bring Ecorithm into India, we are keen to deploy the technology to optimize the energy efficiency of our buildings and raise the standard of environmental design and operation for buildings and enterprises to global levels. GenNext is at the forefront of bringing truly revolutionary technologies into India that can make everything, from our buildings to our industrial plants to our cities, operate much more efficiently. We believe that smart technologies will form the base for the Government of India’s smart city initiative. Ecorithm ’s technology will be one of those smart technologies.” Said Vivek Rai Gupta, Managing Director, GenNext Ventures.

Ecorithm’s True Analytics™ Platform enables any system capable of producing a continuous flow of sensor data, such as a building management system (BMS) in a commercial building or an industrial control system, to be optimized at a highly granular level, thereby saving energy while optimizing equipment performance and the resulting use, comfort and operability. 

“We’re so pleased to partner with a company with as many forward-thinking businesses, as it represents a huge opportunity to deploy our revolutionary technology in India across many business sectors.” said Dan Tishman, Chairman of Ecorithm.

Chris Tagge, President of Ecorithm, added “We are delighted to be bringing Ecorithm to India in partnership with GenNext. We know that the Internet of Things (IoT) represents an enormous opportunity to change the way businesses are run and systems are optimized across virtually every industry. Our True Analytics Platform makes billions of otherwise incomprehensible data points understandable and usable. We make the Internet of Things make sense.”

As a testament to its technology, the global research and consulting firm Frost & Sullivan recently awarded Ecorithm with their 2015 Visionary Innovation Leadership Award. Some of the world’s best known and most innovative companies are other winners of this prestigious award. 

About Ecorithm

Ecorithm, Inc., based in Santa Barbara, offers its clients an extremely powerful analytics tool that is capable of analyzing complex, dynamic systems. Through its physics-based pattern recognition, Ecorithm’s True Analytics™ Platform provides automated, highly accurate fault detection and predictive analysis. The technology was originally developed and commercialized for the stabilization of jet engines and is currently being applied to mechanical systems in buildings. The True Analytics Platform is also being rolled out to many other data producing systems across the Internet of Things (IoT).  For more information, visit ecorithm.com.

About GenNext Ventures

GenNext Ventures, headquartered in Mumbai - India, invests in path breaking technology companies from across the globe in Big Data, IOT, Advanced Materials, Energy Storage and multiple other emerging technologies. GenNext Ventures is backed by Reliance Industries Ltd.

Reliance Industries Ltd. is India’s largest private sector company and features in Fortune’s Global 500 list of “World’s Largest Corporations”. As per Newsweek’s Green Rankings 2014, RIL is India’s greenest and most environment friendly company, ranking 185th among the world’s largest 500 companies.