BlueBinaries, a company that provides engineering and technology services, has raised $7.2 million through a debt and equity round led by Anicut Capital.

The financial returns will be sent towards building its current client base of OEM’s and level I auto providers across geologies, upgrading SDV and computerized capacities, BlueBinaries said in a public statement.

BlueBinaries, which was co-founded in 2017 by Srinivas Aravapalli and Kishore LM, focuses on accelerating the development of software defined vehicles (SDVs) for its customers by providing digital technologies like cloud, DevOps, AI/ML, cyber security, and IoT solutions as well as E/E Architecture design and development services.

As per statistical surveying, the automotive electronics and software market is supposed to develop to more than $80B toward the finish of 2030.

The company, which is based in Chennai, says that it has a diverse customer base in Europe, the UK, the US, and APAC. The platform’s goal is to provide the mobility industry with cutting-edge technological services and solutions.

Anicut Capital is currently raising its third credit fund, according to media reports, with a target corpus of Rs.1,300-1,500 crore. The firm is additionally nearly shutting its most memorable obligation store under the GIFT City structure.

The startup BlueBinaries propels the future mobility with extensive engineering expertise and world-level scale to fetch unparalleled intelligence into idealistic automotive technologies.

They offer solutions such as digital enablement for software defined vehicle, test solutions, test preparations, regulatory and performance, hardware and software development, functional safety and security, systems engineer and many others.