Vecmocon, a vehicle intelligence company, has raised $10 million in its Series A funding round led by the Ecosystem Integrity Fund (EIF) with additional participation from Blume Ventures and British International Investment (BII).
The funding will used to expand its reach in various segments of the market, including electric two-wheelers, three-wheelers, Light Commercial Vehicles (LCVs) and buses. The company also aims to expand its team and establish international-standard R&D infrastructure for the electric vehicle (EV) sector. To strengthen its R&D capabilities in high-voltage systems, energy storage systems (ESS), 5G automotive connectivity, and Zonal ECU-compliant architectures.
In 2022, Vecmocon raised $5.2 million during its pre-series A round, with backing from Tiger Global and Blume Ventures.
Peeyush Asati, CEO of Vecmocon Technologies, said, “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.”
“While focused on building a 360-degree EV ecosystem in India, Vecmocon’s reach extends internationally, with customers in Sri Lanka, and ongoing exploration in Southeast Asia and African markets,” shared Asati while talking about Vecmocon’s global expansion plans.
Devin Whatley, Managing Partner at EIF said, “We believe Vecmocon is well-positioned to ride the tailwinds of growing EV adoption in India and lead the EV intelligence movement in the country. It has rapidly built deep relationships with leading industry players based on its strong technical abilities, consistent quality and reliability, and adaptability to market needs. In an increasingly crowded Indian EV market, it offers its customers a key competitive edge by enabling both quicker time to market as well as higher overall performance and safety. We’re also impressed by the team’s customer-centric approach to product development and ability to stay ahead of the technology curve in a continuously evolving market.”
Chirantan Patnaik, Director at British International Investment, said, “With EV penetration in India set to rise significantly, we believe there is a strong need to develop expertise in designing computing elements that make EVs efficient and allow the entire ecosystem to leverage insights to enhance performance and accessibility across masses. We believe Vecmocon’s R&D DNA stands out and that the Company has the potential to be a critical supplier to EV OEMs and ecosystem players in India as well as other emerging markets.”
Arpit Agarwal, Partner at Blume Ventures added, “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. What stands out is how they’ve built a complete ecosystem – bringing together smart software, data insights, and financial solutions. This bold vision and strong execution reinforce our belief in Vecmocon’s ability to reshape the EV industry.”
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.
The company is already working with major clients such as Exide, BGauss, and Battery Smart. In its 8 years of existence, 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.
