Vecmocon Raises $10Mn In The First Phase Of Its Series A Funding

Vecmocon, a vehicle intelligence company, has raised USD 10 million, led by the Ecosystem Integrity Fund (EIF), and 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 Peeyush Asati, Chief Executive Officer 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.”

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.