Vecmocon Technologies, a vehicle intelligence company, 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 round. Tiger Global, however, did not take part in the most recent round. The Delhi-based startup was previously incubated at ISB and IIT Delhi after raising $300,000.
With the additional funds, Vecmocon intends to enhance its research and development capabilities in the areas of energy storage systems (ESS), 5G automotive connectivity, high-voltage systems, and architectures that are compatible with Zonal ECUs.
A press release states that the company also wants to build an international-standard research and development infrastructure for the electric vehicle (EV) industry and grow its workforce.
Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede founded Vecmocon at IIT Delhi in 2016. The company offers cutting-edge computing solutions for EVs, such as EV chargers, vehicle intelligence modules (VIM), and battery management systems (BMS). Over 70,000 cars on Indian roads are currently powered by its products, which are used by companies like Exide, BGauss, and Battery Smart.
With current clients in Sri Lanka and plans to investigate markets in Southeast Asia and Africa, the business is also pursuing global expansion.
Operating revenue for Vecmocon for the fiscal year ending March 2023 (FY23) was Rs 4.2 crore, while the company reported a loss of Rs 41 lakh. The FY24 financial information has not yet been released.
Prior to this round, Vecmocon’s founding members owned a combined 55% stake. Media reports that Tiger Global and Blume Ventures held 10% and 12% of the company, respectively.
