BlueBinaries, an engineering and technology services provider focused on the mobility sector, has secured Rs 60 crore in funding from the multi-asset investment firm Anicut Capital.

The startup intends to use the capital to strengthen its current customer base, which includes Original Equipment Manufacturers (OEMs) and Tier 1 automotive suppliers in diverse regions.

Furthermore, the funds will be allocated to improving the company's SDV and digital capabilities.

Founded in 2017, BlueBinaries has rapidly become a key player in the Engineering Research and Development (ER&D) services industry.

The startup specializes in advancing the development of Software Defined Vehicles (SDVs) by leveraging its expertise in E/E Architecture design and digital technologies, including cloud computing, DevOps, artificial intelligence, machine learning, cybersecurity, and the Internet of Things (IoT).

It notably serves a wide range of clients across Europe, the UK, the USA, and the Asia-Pacific region.

The automotive electronics and software market is expected to experience substantial growth, with projections indicating it could surpass $80 billion by 2030. This expansion is largely fueled by rising demand for enhanced vehicle safety features, sophisticated connectivity options, and innovative mobility solutions.

As consumers and industries increasingly prioritize advanced driver assistance systems, in-car entertainment, and seamless integration with smart technologies, the market for automotive electronics and software continues to expand rapidly.

Advances in areas such as autonomous driving, vehicle-to-everything (V2X) communication, and electric vehicle (EV) technologies are also contributing to this robust growth trajectory.

Dhruv Kapoor, Partner at Anicut Capital, conveyed strong confidence in BlueBinaries' prospects, remarking, "Given their extensive industry expertise and robust engineering skills, we are confident that BlueBinaries is poised to excel in the industry with comprehensive mobility solutions."