New Delhi: Vecmocon Technologies, a vehicle intelligence startup based out of Delhi, has raised $10 million (around Rs. 84 crores) in the first phase of its Series A funding round led by Ecosystem Integrity Fund (EIF). Before this, the startup had raised $5.2 million in a pre-series A funding round led by Tiger Global and Blume Ventures.
Vecmocon stated that it will utilize the raised capital to strengthen its research and development (R&D) capabilities in high-voltage systems, energy storage systems, 5G automotive connectivity, and Zonal ECU-compliant architectures. Additionally, the startup will also focus on the expansion of its team and the establishment of international-standard R&D infrastructure.
Vecmocon’s vehicle intelligence solutions like Battery Management Systems (BMS), Vehicle Intelligent Modules (VIMs), and EV chargers are currently powering 70,000 EVs in India. Going further, the startup plans to expand into electric two-wheelers, three-wheelers, light commercial vehicles, and buses. Peeyush Asati, Chief Executive Officer, stated that the company aims to build a 360-degree EV ecosystem in India while extending its footprint globally.
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