EV Computation Startup 'Vecmocon' bags $10 million in Series A
Vecmocon Technologies, a vehicle intelligence startup, has raised $10 million in its first round of Series A funding, which is being led by Ecosystem Integrity Fund (EIF) and includes British International Investment (BII) and Blume Ventures.
In October 2022, Vecmocon raised $5.2 million from Blume Ventures and Tiger Global in a pre-Series A investment. Tiger Global, meanwhile, did not take part in the most recent round. The Delhi-based firm was previously incubated at ISB and IIT Delhi after raising $300,000.
With the additional funds, Vecmocon intends to enhance its research and development skills in the areas of energy storage systems (ESS), 5G automotive connection, high-voltage systems, and designs that are compatible with Zonal ECUs. The company also wants to build international-standard research and development infrastructure for the electric vehicle (EV) industry and grow its workforce, according to a press statement.
Vecmocon, which was founded in 2016 at IIT Delhi by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, offers cutting-edge computing solutions for electric vehicles (EVs), such as EV chargers, vehicle intelligence modules (VIM), and battery management systems (BMS). Currently, its products power more than 70,000 cars on Indian roads, catering to customers including Battery Smart, BGauss, and Exide.
With current clients in Sri Lanka, the business is also looking to expand internationally. It intends to investigate markets in Southeast Asia and Africa.
Vecmocon recorded operational revenue of Rs 4.2 crore and a loss of Rs 41 lakh for the fiscal year that ended in March 2023 (FY23). Financial information for FY24 has not yet been released.
Together, the original founders owned close to 55% of Vecmocon prior to this round. Tiger Global and Blume Ventures own 10% and 12% of the company, respectively, according to TheKredible, a startup data intelligence platform.
In October 2022, Vecmocon raised $5.2 million from Blume Ventures and Tiger Global in a pre-Series A investment. Tiger Global, meanwhile, did not take part in the most recent round. The Delhi-based firm was previously incubated at ISB and IIT Delhi after raising $300,000.
With the additional funds, Vecmocon intends to enhance its research and development skills in the areas of energy storage systems (ESS), 5G automotive connection, high-voltage systems, and designs that are compatible with Zonal ECUs. The company also wants to build international-standard research and development infrastructure for the electric vehicle (EV) industry and grow its workforce, according to a press statement.
Vecmocon, which was founded in 2016 at IIT Delhi by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, offers cutting-edge computing solutions for electric vehicles (EVs), such as EV chargers, vehicle intelligence modules (VIM), and battery management systems (BMS). Currently, its products power more than 70,000 cars on Indian roads, catering to customers including Battery Smart, BGauss, and Exide.
With current clients in Sri Lanka, the business is also looking to expand internationally. It intends to investigate markets in Southeast Asia and Africa.
Vecmocon recorded operational revenue of Rs 4.2 crore and a loss of Rs 41 lakh for the fiscal year that ended in March 2023 (FY23). Financial information for FY24 has not yet been released.
Together, the original founders owned close to 55% of Vecmocon prior to this round. Tiger Global and Blume Ventures own 10% and 12% of the company, respectively, according to TheKredible, a startup data intelligence platform.
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