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Interview with Costas Theodoropoulos, CEO and co-founder of Rething

Rething

Tell us a few things about Rething. How did it all start? How did you discover the market opportunity for your solution, and where are you today?

RETHING is an IoT solutions provider offering energy and asset management solutions for buildings, industrial facilities, and municipalities. The Internet of Things (IoT) technologies like sensor data analytics, ML, and AI significantly enhance energy efficiency by enabling smarter and more responsive management of energy resources.

I was working many years in IoT and telecoms with Vodafone. Then I decided to start my own company in partnership with other experienced professionals to set up the founding team.

The energy efficiency and energy transition is a big market demand. Technology has a crucial role, so we developed an energy management solutionThe Internet of Things (IoT) plays a vital role in the energy transition by enabling smarter, more efficient, and more sustainable energy systems. IoT technologies facilitate the integration of renewable energy sources, enhance energy efficiency, and provide better control and monitoring of energy consumption.

Today we offer the RETHING CYNERGY, an Energy & Asset Management System utilizing IoT technologies offering energy consumption optimization and operational efficiency in businesses. RETHING CYNERGY platform enhances user comfort, reduces costs, and supports business sustainability efforts.

 

How do you differentiate from other similar offers in the market? What value does Rething bring to consumers and partners?

RETHING offerings are differentiated in several factors. The end-to-end approach, the capability to perform real-time adaptive automation to achieve energy and operational efficiency, the easy and secure integration with existing systems, the easy integration with renewal energy resources,  the wireless sensor connectivity, and the quality of our services are the main differentiation factors.

In summary, energy efficiency solutions provide numerous business values, including cost savings, increased competitiveness, enhanced corporate reputation, regulatory compliance, improved employee productivity, operational resilience, reduced environmental impact, long-term sustainability, increased asset value, and improved customer satisfaction. These benefits collectively contribute to a more sustainable, profitable, and resilient business.

 

What would you consider to have been (or are) your biggest challenge so far?

Starting a new business is an exciting yet challenging endeavor. Like most startups, we faced several challenges like funding and financial management, building the right team, product innovation time to market, and the scale-up of our business.

But I would say that the biggest challenge in the Greek market and not only, is networking and collaboration with other businesses. Partnering with other businesses and stakeholders can help overcome resource limitations and open up new opportunities. We believe that investing time and resources in collaboration and networking can yield significant long-term benefits and drive sustainable growth.

 

What are the biggest learnings from your journey so far?

The startup journey is rich with learning experiences that shape an entrepreneur’s approach to business and life. These lessons often revolve around validating ideas, being adaptable, managing finances, building a strong team, focusing on customers, marketing effectively, persevering through challenges, leveraging networks, understanding regulations, and maintaining focus.

If I had to choose the biggest learning, I would say that is focus and prioritization. Clearly defining and prioritizing goals helps maintain focus and drive progress. Avoiding distractions and staying committed to the startup’s core mission is vital.

 

Artificial Intelligence is being integrated into an increasing number of products and services across all markets. How do you think AI revolutionizes your industry and what are your expectations for the future?

AI is a key component of a solid energy efficiency solution. Some examples of our vertical areas are that we implement AI pattern recognition algorithms to optimize the day-to-day operations of our customers. One key application of AI in Building Energy Management Systems (BEMS) is predictive analytics. By analyzing historical energy data, weather patterns, occupancy schedules, and other relevant factors, AI algorithms can forecast future energy demand more accurately. This allows BEMS to anticipate peak usage times and adjust HVAC systems, lighting, and other energy-consuming devices, accordingly, leading to significant energy savings.

Another important use of AI is anomaly detection. AI algorithms can continuously monitor various parameters within a building, such as temperature, humidity, and energy consumption patterns. If any deviations from normal behavior are detected, the system can automatically alert facility managers or take corrective actions to address potential issues, such as equipment malfunction or inefficient operation. 

In the Renewable Energy market, AI can enhance the efficiency of renewable energy sources like wind and solar by predicting energy production, optimizing grid management, and improving energy storage systems.

There is an ongoing process to enhance the use of AI analytics at edge's side reducing the resources needed and minimizing the communication latency. 

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