November 16th, 2024:- Vecmocon, a vehicle intelligence company, has raised $10 million led by Ecosystem Integrity Fund (EIF) along with participation from Blume Ventures, British International Investment (BII). The company, which is already working in collaboration with esteemed customers like Exide, BGauss, Battery Smart, and many others will use the funding to expand its reach in various segments of the market, including electric two-wheelers, three-wheelers, Light Commercial Vehicles (LCVs) and buses.
In its 8 years of existence, Vecmocon has developed one of the deepest capabilities in embedded design, power electronics, IoT, and data science that now powers more than 70,000 vehicles on Indian roads.
Speaking on the development Mr. Peeyush Asati, CEO of Vecmocon Technologies, said, “This latest funding round will enable Vecmocon to further its R&D in high-voltage systems, energy storage system (ESS), develop Zonal ECU-compliant architectures, advance 5G automotive connectivity solutions and team expansion. With strategic support from global investors, the company is dedicated to creating world-class EV solutions in India for the global market. A part of the capital will also be directed toward establishing international-standard R&D infrastructure for the electric-automotive sector.”
“While focused on building a 360-degree EV ecosystem in India, Vecmocon’s reach extends internationally, with customers in Sri Lanka, and ongoing exploration in Southeast Asia and African markets”, shared Mr. Asati while talking about Vecmocon’s global expansion plans.
On the funding announcement Mr. Devin Whatley, Managing Partner at EIF stated “We believe Vecmocon is well-positioned to ride the tailwinds of growing EV adoption in India and lead the EV intelligence movement in the country. It has rapidly built deep relationships with leading industry players based on its strong technical abilities, consistent quality and reliability, and adaptability to market needs. In an increasingly crowded Indian EV market, it offers its customers a key competitive edge by enabling both quicker time to market as well as higher overall performance and safety. We’re also impressed by the team’s customer-centric approach to product development and ability to stay ahead of the technology curve in a continuously evolving market.”
Mr. Chirantan Patnaik, Director at British International Investment sharing his excitement on the funding, said “With EV penetration in India set to rise significantly, we believe there is a strong need to develop expertise in designing computing elements that make EVs efficient and allow the entire ecosystem to leverage insights to enhance performance and accessibility across masses. We believe Vecmocon’s R&D DNA stands out and that the Company has the potential to be a critical supplier to EV OEMs and ecosystem players in India as well as other emerging markets.”
Mr. Arpit Agarwal, Partner at Blume Ventures added “What continues to impress us about Vecmocon is their remarkable agility in responding to market needs. Their rapid expansion across major industry partnerships validates their position as a leading vehicle intelligence company. What stands out is how they’ve built a complete ecosystem – bringing together smart software, data insights, and financial solutions. This bold vision and strong execution reinforce our belief in Vecmocon’s ability to reshape the EV industry.”
Although India is well known for its software capability & automotive electronics where software remains a relatively nascent segment, many Indian auto OEMs had to depend on foreign suppliers for their critical compute components, which creates the need for indigenous suppliers of these components who built for the robustness and safety standards of the new India. To address this engineering challenge Vecmocon harnesses expertise in power electronics, embedded design, connectivity, and data science. Vecmocon aims at developing solutions for the expanding EV market.