Vehicle Intelligence Firm Vecmocon has raised $5.2M in funding to fuel its ambitious plans to deploy components and build the entire ecosystem for 5 million light Electric Vehicles by 2025. The funding was raised from Tiger Global, Blume Ventures, and other prominent strategic angels.
Furthermore, the investment will be made into team building, business expansion, scaling up of operations, and product innovation. The IIT Delhi & ISB-incubated company had previously raised $300,000.
Founded in 2016 by Peeyush Asati, Adarshkumar B, and Shivam Wankhede, the Delhi based Vecmocon is on a mission to empower the EV OEMs and other ecosystem players with access to state-of-the-art technology and best-in-class reliable components.
Speaking on the development, Peeyush Asati, Co-founder & CEO, of Vecmocon said, “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. With our state-of-the-art solution and data-centric approach, we are working with the mission to deliver a truly smart, connected, and reliable platform for the world. We plan to utilise this fundraise to invest primarily in team and tech.”
Vecmocon set to solve long-term problems of India’s EV Industry
“We are impressed with the deep commitment and progress that Peeyush, Adarshkumar, and Shivam have made to solve long-term problems in India’s EV industry, and we are excited to partner with them as they build a high-quality global automotive tech company to support the adoption of EVs,” added Connie Lee, Partner, Tiger Global.
Arpit Agarwal, Director, Blume Ventures, stated, “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. Over the last 5 years, Vecmocon has built a unique capability to engineer such data intensive components and deliver a highly robust and safe system.”
