Vecmocon Technologies is a vehicle management solution platform offering a business fleet that secured $10 million from the Ecosystem Integrity Fund during its ongoing series A funding round. The funding round saw the participation of other investors including Blume Ventures and British International Investment. The startup plans to use these fresh proceeds to scale its operations, enhance its research and development capabilities, increase its team, and expand its services in the global market.
Entrackr reported that the company aims to use this investment to strengthen R&D in high-voltage systems and 5G automotive connectivity while establishing international-standard R&D infrastructure for the electric Vehicle sector. The startup offers solutions for battery management systems, energy storage, motor controllers, and fleet management solutions.
The company secured 5.2 million USD from Blume Ventures and Tiger Global in its pre-series A funding round. The startup secured around 6.01 million USD across multiple funding rounds since its inception. The data intelligence platform, tracxn reported a post-money valuation of $19.5 million for September 2022. The development came just after the electric vehicle and vehicle intelligence market saw increased investor interest.
The company earns its revenue through sales of its battery and vehicle management services. The startup develops technology and advanced computing solutions for electric vehicles or battery management systems. The investment will help the company strengthen its product services and expand its network in the global market. The company is focused on global expansion in countries including Africa and Southeast Asia. Vecmocon Technologies also received $407k from FITT and Tessellate Ventures during its seed funding round in 2019.
The Delhi-based vehicle intelligence company currently powers over 70,000 vehicles across Indian roads. The startup uses advanced technology to provide intelligent and innovative electric vehicle solutions. The company posted its revenue from operations of Rs 4.2 crore in FY23. However, the losses stood at Rs 41 lakh in the same duration.
The startup data intelligence platform, thekredible mentioned that after this round the existing investor Blume Ventures holds 12 percent of the firm’s stake followed by Toger Globa with a 10 percent stake. Vecmocon Technologies has 6 institutional investors including Tessellate Ventures and Tiger Global Management. The company plans to use this investment to solidify its position in the global EV market. The startup faces competition from other EV startups such as Comodule and ViriCiti.
CONCLUSION:
Vecmocon Technologies is a Vehicle intelligence startup providing vehicle management solutions for business fleets. The startup raised fresh capital of 10 million USD from the Ecosystem Integrity Fund in its fresh funding round. The funding round saw participation from several investors including British International Investment, Blume Ventures, and others.
The company plans to use this amount to scale its operations, strengthen its research and development for high-voltage systems increase its team, and advance its technology. Following this round, the existing investor Blume Ventures remains the largest external stakeholder with 12 percent. The company has raised over $6.01 million across four rounds to date.
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