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Vecmocon Technologies raises over $18 million in Series A round
Deep-tech startup
Vecmocon Technologies
on Monday said it has raised over $18 million (about Rs 153 crore) in
Series A funding
round.
The round was anchored by sustainability focused venture capital fund EIF with participation from
Aavishkaar Capital
and BII, UK's development finance institution as well as existing investor Blume Ventures, the company said.
The fresh investment will support the platform's efforts to expand its market presence, focus on advancing capabilities in embedded design, power electronics, IoT, and data science and enabling its solutions to power more than 1 lakh vehicles on roads, it said.
Besides, a portion of the funding will support team expansion and the establishment of R&D infrastructure for the electric-automotive sector, while fuelling the company's global ambitions.
"This infusion of capital will supercharge our efforts to engineer the next generation of the most robust, high-performance, software-defined, and safety-critical systems uniquely tailored for Indian conditions and global deployment in
electric vehicles
and clean energy systems. We're not just building for India - we're building in India, by Indian engineers, for the world," Peeyush Asati, CEO of Vecmocon, said.
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Founded in 2016 by IIT and ISB alumni, the New Delhi-based startup is building "most robust systems" for Indian conditions.
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The company said it aims to integrate intelligent systems and data-driven insights into every EV, making them more responsive, adaptive, and efficient.
