Deep-tech startup Vecmocon Technologies announced on Monday that it has raised over $18 million (around INR153 crore) in its Series A funding round.
The funding round was led by EIF, a venture capital fund that focuses on sustainability.
Other investors included Aavishkaar Capital, BII (the UK’s development finance institution), and existing investor Blume Ventures.
The money will help Vecmocon expand in the market and improve its skills in areas like embedded design, power electronics, IoT, and data science. The company also plans to grow its technology to support over 1 lakh vehicles on the road.
Some of the funding will also be used to grow the team, build research and development (R&D) facilities for the electric vehicle industry, and support Vecmocon’s plans to expand globally.
“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,” said Peeyush Asati, CEO of Vecmocon.
Vecmocon was founded in 2016 by Peeyush Asati, Adarshkumar B, and Shivam Wankhede. The company builds intelligent and safe systems for electric vehicles, specially designed for Indian road and weather conditions.
They use advanced technologies like IoT, data analytics, and power electronics to make electric vehicles more efficient, intelligent, and reliable.
Vecmocon’s technology is already being used in over 1,00,000 electric vehicles, including scooters, auto-rickshaws, and small trucks.
The company wants to add innovative technology and data insights to every electric vehicle so they can run more smoothly, adjust to different conditions, and use energy more efficiently.
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