EV Solutions Start-up Vecmocon Raises $5.2 Mn For Business Expansion
Vecmocon, an electric vehicles (EV) solutions company, has raised $5.2 million in funding from Tiger Global, Blume Ventures and other investors.
The company will use the funds for business expansion, scaling up operations, and product innovation. “EV mass adoption is not a product story but an ecosystem story. Robustness, reliability, and service are at the core of this story which we at Vecmocon are building. We plan to utilize this fundraise to invest primarily in team and tech,” said Peeyush Asati, Vecmocon’s co-founder and chief executive officer (CEO).
The company said in a statement it will empower EV original equipment manufacturers (OEMs) and others with the latest technology and reliable components.
“An electric vehicle is a technologically advanced product. For the larger number of OEMs, it is hard to develop the expertise to design and perfect the software and hardware components like a BMS or VIM. Such customers stand to win greatly by adopting Vecmocon’s platform which allows them to launch high-performance vehicles faster to the market,” said Arpit Agarwal, director at Blume Ventures.
Vecmocon said its technology powers more than 5,000 vehicles and it aspires to increase the number to 500,000 by the end of 2025.
“We are excited to partner with them (Vecmocon) as they build a high-quality global automotive tech company to support the adoption of EVs,” said Connie Lee, partner at Tiger Global.
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more