The automotive intelligence firm Vecmocon has raised Rs 83 crore in its initial round of Series A funding. Blume Ventures and British International Investment (BII) participated in the funding round, which was led by Ecosystem Integrity Fund (EIF). This comes after Vecmocon raised Rs 43.16 Crore from Tiger Global and Blume Ventures in its previous pre-Series A funding round in 2022.
Vecmocon will use the funds to help grow its market share in the electric two-wheeler, three-wheeler, light commercial vehicle (LCV), and bus sectors. More than 70,000 vehicles on Indian roads are powered by the company’s solutions thanks to its expanded capabilities in embedded design, power electronics, IoT, and data science during the course of its eight years in business.
The new financing will be used to advance research and development in 5G automotive connection solutions, energy storage systems (ESS), high-voltage systems, and the creation of Zonal ECU-compliant designs, according to Vecmocon CEO Peeyush Asati. A portion of the funds will also go toward building an international-standard R&D infrastructure for the electric-automotive industry and expanding the team. Asati also highlighted Vecmocon’s worldwide aspirations, stressing the company’s foothold in Sri Lanka and its intentions to investigate markets in Africa and Southeast Asia.
British International Investment’s director, Chirantan Patnaik, emphasized the significance of fostering domestic knowledge of EV computing components in order to improve accessibility and efficiency. In India and other developing markets, he praised Vecmocon’s robust R&D skills and its potential to emerge as a major supplier to EV OEMs and ecosystem participants.