Vecmocon secures $10 million to advance EV tech

Delhi-based EV components maker Vecmocon has raised USD 10 million in the first phase of its Series A funding led by Ecosystem Integrity Fund (EIF), which also saw participation from Blume Ventures and British International Investment (BII).

The company said it will use the funds to expand its presence across various market segments, including electric two-wheelers and three-wheelers, LCVs and buses.

The startup specializes in safety-critical components for EVs, including battery management systems (BMS), EV chargers, vehicle intelligence modules (VIM), and secure firmware over the air (FOTA) solutions.

“We are going to go deeper into our product offerings. As newer battery chemistries and technologies are coming up, you need to develop, design, and engineer systems to support them,” Vecmocon cofounder and CEO Peeyush Asati told the Economic Times. “We are going to use the capital that we have raised to do R&D, hire and train people on these developments, and collaborate with larger OEMs for diverse use cases.”

Vecmocon is also aiming to tap customers in Sri Lanka and explore opportunities in Southeast Asia and African markets.

In 2022, it raised USD 5.2 million from New York-based investment firm Tiger Global and Blume Ventures.  

“What continues to impress us about Vecmocon is their remarkable agility in responding to market needs. Their rapid expansion across major industry partnerships validates their position as a leading vehicle intelligence company,” said Arpit Agarwal, partner at Blume Ventures.

Devin Whatley, managing partner at EIF, said Vecmocon was well-positioned to capitalise on the growing adoption of electric vehicles in India and lead the EV intelligence movement in the country. He said the company offers a competitive edge by enabling quicker time to market, and higher overall performance and safety.