Vecmocon, a vehicle intelligence company, has raised $10 million led by Ecosystem Integrity Fund (EIF) along with participation from Blume Ventures, British International Investment (BII).
The company will use the funding to expand its reach in various segments of the market, including electric two-wheelers, three-wheelers, Light Commercial Vehicles (LCVs) and buses.
Previously, Vecmocon raised $5.2 million from Tiger Global, and Blume Ventures in 2022 as part of their pre-series A round.
The company is working with customers like Exide, BGauss, Battery Smart, and many others. Vecmocon has developed one of the deepest capabilities in embedded design, power electronics, IoT, and data science that now powers more than 70,000 vehicles on Indian roads.
“This latest funding round will enable Vecmocon to further its R&D in high-voltage systems, energy storage system (ESS), develop Zonal ECU-compliant architectures, advance 5G automotive connectivity solutions and team expansion. With strategic support from global investors, the company is dedicated to creating world-class EV solutions in India for the global market. A part of the capital will also be directed toward establishing international-standard R&D infrastructure for the electric-automotive sector,” said Peeyush Asati, CEO of Vecmocon Technologies.
Talking on the expansion plans, Asati added that the company is tapping into the Sri Lanka market and its ongoing exploration in Southeast Asia and African markets.
Founded in 2016 at IIT Delhi by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, Vecmocon provides advanced computing solutions for EVs, including battery management systems (BMS), vehicle intelligence modules (VIM), and EV chargers. Its products currently power over 70,000 vehicles on Indian roads, serving clients like Exide, BGauss, and Battery Smart.