Vecmocon, a startup that provides deeptech electric vehicle solutions has raised $5.2 Million in its most recent funding round. It was led by Blume Ventures and Tiger Global.
Vecmocon was established in 2016 by Peeyush Asati, alumni of IIT Kanpur, Adarshkumar B, alumni of ISB, and Shivam Wankhede, alumni of IIT Delhi.
The core team is skilled in components design, battery modelling, embedded software architecture, data science, and system architecture.
Asati stated that they plan to use the fundraising to invest in tech and teams.
Vecmocon’s vehicle intelligence module, connected battery management systems, motor controllers as well as other products power 5,000 electric vehicles.
“EV mass adoption is not a product story but an ecosystem story. Robustness, reliability, and service are at the core of this story which we at Vecmocon are building. We plan to utilize this fundraise to invest primarily in team and tech,” said Peeyush Asati, Vecmocon’s co-founder and chief executive officer (CEO).
“An electric vehicle is a technologically advanced product. For the larger number of OEMs, it is hard to develop the expertise to design and perfect the software and hardware components like a BMS or VIM. Such customers stand to win greatly by adopting Vecmocon’s platform which allows them to launch high-performance vehicles faster to the market,” said Arpit Agarwal, director at Blume Ventures.
“We are excited to partner with them (Vecmocon) as they build a high-quality global automotive tech company to support the adoption of EVs,” said Connie Lee, partner at Tiger Global.
The company also provides products for original equipment manufacturers (OEMs), such as maintenance management software that uses mobile-based diagnostics and fleet managers.
The firm is based in Delhi and was previously incubated at ISB and IIT Delhi. It raised $300,000 previously.