Vecmocon Technologies, a promising vehicle intelligence company, has raised USD 10 million in the first phase of its Series A funding round. This funding round was led by Ecosystem Integrity Fund (EIF), and also witnessed participation from Blume Ventures and British International Investment (BII).
Vecmocon raised USD 5.2 million in a pre-Series A round from Tiger Global and Blume Ventures back in October 2022, previously. Having said that, Tiger Global did not participate in the latest round. Earlier, the Delhi-based startup had earlier raised USD 300k and was incubated at IIT Delhi and ISB.
With this funding at hand, Vecmocon aims to utilize the new funding to strengthen its R&D capabilities in high-voltage systems, energy storage systems (ESS), Zonal ECU-compliant architectures, and 5G automotive connectivity. As per a press release, the company will focus on expanding its team and also establish international-standard R&D infrastructure for the electric vehicle (EV) sector.
Vecmocon Technologies was established by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, in 2016 at IIT Delhi. Today, Vecmocon is known in the market to provide advanced computing solutions for EVs, which include battery management systems (BMS), vehicle intelligence modules (VIM), and EV chargers. Currently, its products power over 70,000 vehicles on Indian roads and services clients which include the likes of Exide, BGauss, and Battery Smart.
Furthermore, the company is also pursuing global expansion and plans to explore Southeast Asian and African markets coupled with its existing customers in Sri Lanka.
Vecmocon reported Rs 4.2 crore in operating revenue with a loss of Rs 41 lakh for the fiscal year ending March 2023 (FY23). However, FY24 financial details are yet to be reported.
The founding members, before this round, collectively held nearly 55 percent stake in Vecmocon. And as per a credible data intelligence platform, Blume Ventures and Tiger Global respectively owned 12% and 10%.
