Vecmocon Technologies, a vehicle intelligence startup, has raised $10 million in its Series A funding round led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and British International Investment (BII). This milestone follows a $5.2 million pre-Series A round in October 2022, where Tiger Global and Blume Ventures were key investors. Notably, Tiger Global did not participate in the latest funding phase.
Founded in 2016 at IIT Delhi by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, Vecmocon specializes in cutting-edge vehicle technologies such as battery management systems (BMS), vehicle intelligence modules (VIM), and EV chargers. Currently, its products power over 70,000 EVs in India, with notable clients including Exide, BGauss, and Battery Smart.
The funds will be channeled towards enhancing R&D in high-voltage systems, energy storage solutions, 5G automotive connectivity, and Zonal ECU-compliant architectures. Vecmocon also plans to expand its team and set up a state-of-the-art R&D facility aligned with global standards for the electric vehicle sector.
The company is eyeing international markets, having already established a presence in Sri Lanka and setting sights on Southeast Asia and Africa.
For FY23, Vecmocon reported operating revenue of Rs 4.2 crore alongside a loss of Rs 41 lakh. Financial updates for FY24 are awaited. Before this funding round, its founding members collectively held a 55% stake in the company, while Blume Ventures and Tiger Global owned 12% and 10%, respectively.
This latest funding highlights Vecmocon’s mission to revolutionize EV technology and expand its global footprint.
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