Ve cmocon is a startup building solutions to bring safety and reliability along with intelligence and health monitoring to light electric vehicles, addressing concerns that are curtailing the sales of electric scooters in the South Asian market.
EV's are new to the market, unlikeICE vehicles that have been around for more than a century. The data shared by the Indian government shows that the country has more EV's than non-EV's The cost of service in the country is higher for EV's than for traditional engines. Quality standards are not being met by a number of EV scooters in the Indian market. The recent past has seen some catch fire.
Ve cmocon is trying to solve this by using its core EV components and software that it sells to the original equipment manufacturers. Cloud integration platforms are offered by the New Delhi-based startup.
The data-driven nature of the electric vehicle's ecosystems is required for it to happen. Peeyush Asati, co- founder and CEO of Ve cmocon, said in an interview that it has to be digitally enabled for a quick evolution.
The startup was co-founded by Asati, Shivam Wankhede and Adarshkumar B. The trio provided pro bono advice to the manufacturers of e-rickshaws. They noticed that the industry was heavily reliant on China.
The Chinese component manufacturers don't want to work with each other because of the differences in how it's done in India and China. The geography is diverse, the use cases of how people use electric vehicles are two-wheelers, kind of in terms of culture in terms of behavior, all of it was different
Many companies have started building the mechanical side of things for EV in the market, but the core tech side still leaves a lot to be desired.
Ve cmocon has battery management systems and vehicle intelligence modules. Asati said that it targets light EV manufacturers who make two-wheelers, three-wheelers, forklifts and electric tractor.
Due to the lack of physical infrastructure, it would take some time for electric cars to enter the Indian market.
The co-founder said that the startup's battery management systems comply with the new standards introduced by the Indian government. It's not mandatory for manufacturers to use the safety standards.
In the previous generation, we improved upon those recommendations. We are ahead in terms of safety and reliability.
They were able to get some fuel to expand.
The pre-Series A round was co- led by Tiger Global.
We are excited to work with Peeyush, Adarshkumar, and Shivam as they build a high-quality global automotive tech company to support their efforts to solve long-term problems in India's EV industry.
The funds from the all-equity round will be used to build a business. He said that the startup is looking to hire sales, HR, operations and finance people in the team, which currently has 20 engineers.
The company plans to build in-house labs to test and develop new products for the market.
Electric vehicles are technologically advanced products. It's hard to develop the expertise to design and perfect the software and hardware components for a larger group of companies. Customers who adopt Ve cmocon's platform will be able to launch high- performance vehicles faster. Over the last five years, Ve cmocon has built a unique capability to engineer such data intensive components and deliver a highly robust and safe system.
In this financial year, Ve cmocon claims to have orders of $5 million to execute, giving it touch points with 30,000 to 40,000 odd vehicles. The plan is to power more than 100,000 vehicles by next year, and 500,000 by the year 2025.
The startup doesn't want to limit itself to India as it has already started working in a pilot phase with clients in global markets. Before the pre-Series A funding, Ve cmocon had raised $300,000 in a seed round. The debt and equity mix was supported by the Department of Science and Technology.
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