Delhi-based Vecmocon Technologies announced it has raised $10 million in the first phase of its Series A Round. Ecosystem Integrity Fund, a growth-stage investment group focusing on environmental sustainability, led the round. This new funding makes it the latest of several domestic electric vehicle companies to secure a cash infusion.
Founded in 2016, the company develops advanced EV technologies as part of its ambition to build an Intelligent Vehicle Ecosystem that is both government-compliant and improves customer safety. Currently, Vecmocon Technologies provides a battery management system that can regulate thermal performance to increase battery life. Some of its other solutions include hardware products like its intelligence module for anti-theft detection and 4G connectivity, as well as an aftermarket instrument cluster for EV scooters.
Vecmocon Technologies has also developed an electric vehicle charging solution specifically designed for smaller EVs, such as scooters and e-carts. According to reporting from The Indian Startup Times, the new funding will fuel Vecmocon’s international expansion as it enters Sri Lanka and other markets in Southeast Asia and Africa. The company will also expand its tech to work with larger EVs, including light commercial vehicles and buses.
Prior to the Series A, Vecmocon Technologies raised $6 million across several seed rounds, which included participation from Tiger Global Management and Blume Ventures, who also participated in this latest round.
