The funding, led by Ecosystem Integrity Fund with participation from Blume Ventures and British International Investment, will support Vecmocon’s R&D initiatives, market expansion, and development of innovative solutions for India’s growing EV ecosystem.
15 Nov 2024 | 4759 Views | By Autocar Professional Bureau
Vecmocon, a vehicle intelligence company, has secured Rs 83 Crore in the first phase of its Series A funding. The funding round was led by Ecosystem Integrity Fund (EIF) with participation from Blume Ventures and British International Investment (BII). This follows Vecmocon’s earlier pre-Series A funding round in 2022, where ...
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Vecmocon, a vehicle intelligence company, has secured Rs 83 Crore in the first phase of its Series A funding. The funding round was led by Ecosystem Integrity Fund (EIF) with participation from Blume Ventures and British International Investment (BII). This follows Vecmocon’s earlier pre-Series A funding round in 2022, where it raised Rs 43.16 Crore from Tiger Global and Blume Ventures.
The funding will support Vecmocon’s efforts to expand its market presence across electric two-wheelers, three-wheelers, light commercial vehicles (LCVs), and buses. Over its eight years of operation, the company has developed advanced capabilities in embedded design, power electronics, IoT, and data science, enabling its solutions to power over 70,000 vehicles on Indian roads.
Vecmocon CEO, Peeyush Asati, stated that the new funding would be directed toward advancing research and development in high-voltage systems, energy storage systems (ESS), and 5G automotive connectivity solutions, as well as the development of Zonal ECU-compliant architectures. A portion of the funding will also support team expansion and the establishment of international-standard R&D infrastructure for the electric-automotive sector. Asati also emphasized Vecmocon’s global ambitions, highlighting its presence in Sri Lanka and plans to explore Southeast Asian and African markets.
Devin Whatley, Managing Partner at EIF, expressed confidence in Vecmocon’s ability to leverage the growing EV adoption in India. He noted that the company has established strong relationships with industry players by consistently delivering high-quality, reliable, and market-adaptive solutions. Whatley added that Vecmocon offers a competitive edge by enabling faster market readiness and enhancing vehicle performance and safety.
Chirantan Patnaik, Director at British International Investment, highlighted the importance of developing indigenous expertise in computing elements for EVs to enhance efficiency and accessibility. He commended Vecmocon’s strong R&D capabilities and its potential to become a key supplier for EV OEMs and ecosystem players in India and other emerging markets.
Arpit Agarwal, Partner at Blume Ventures, praised Vecmocon’s ability to adapt to market needs and its rapid expansion through partnerships with major industry players. He noted that the company’s approach of integrating smart software, data insights, and financial solutions positions it as a leading vehicle intelligence provider in the EV sector.