Fabric and subsidiary Intellicar raise $13.5 M Series A funding from Nuveen
In a Series A funding round headed by Nuveen, Fabric and its subsidiary Intellicar have raised $13.5 million. This is the fifth investment made as part of Nuveen’s second climate inclusion strategy. CleanPlanet, Longevity Partners, and Onepak recently announced similar collaborations.
Its innovative data and energy solutions will be scaled with the new funding. In a press release, Fabric stated.
Fabric and its subsidiary Intellicar, which was co-founded in 2022 by Karan Makhija and Shunmuga Krishnan Senthil Arumugam, develops state-of-the-art technologies that enable the EV ecosystem to efficiently manage data and energy. While Fabric’s expands its energy and AI portfolio, Intellicar leads in EV IoT and data solutions with over 300,000 connected EV assets.
According to Fabric, its integrated strategy opens up new efficiencies for large-scale EV enterprises. It seeks to keep expanding its role in meeting the changing demands of the energy and data markets. One of the most important components of that solution that propels the broad adoption of EVs is its quickly deployable data and energy stack.
Market research indicates that 12% of India’s energy-related CO2 emissions come from road transportation.
Through Intellicar, which presently serves over 300,000 EVs, the Bengaluru-based company claims to provide data solutions for the EV and automotive industries, facilitating the adoption of technology throughout the whole EV value chain. The company wants to make it possible for people and companies to adopt environmentally friendly modes of transportation and help create a cleaner, more energy-independent India.
