Numocity raises funds from Ideaspring Capital, Rebright Partners and ATV

Numocity raises funds from Ideaspring Capital, Rebright Partners and ATV
Photo Credit: Pixabay
14 Jan, 2020

Bengaluru-headquartered Numocity Technologies, which provides middleware solutions for EVs (electric vehicles), has raised an undisclosed amount from early stage investor Ideaspring Capital, Japanese venture capital firm Rebright Partners and ATV (ABB Technology Ventures), according to a statement by the company.  

ATV is the venture capital arm of Swiss-Swedish multinational firm ABB. This is also ATV’s second investment in India after Stellapps, which provides IoT solutions for agriculture technology applications 

It is the first round of institutional funding for the company founded in 2018 by former Nokia Siemens executive Ravikiran Annaswamy and former vice president of product management at Infibeam Siddharth Sreenivasan.

“We are excited to take our vision of creating a robust energy infrastructure for e-mobility and accelerate the transition of transportation towards a cleaner and greener future,” Sreenivasan, also co-founder of Numocity, said in a statement.

Numocity Technologies provides middleware solutions for different use cases of EV ecosystem, including fixed-charging infrastructure, battery-swap management and analytics for fleet operations, and provides value-added services such as mobility intelligence and data. The platform helps in optimal utilisation of key assets to enable growth in e-mobility adoption.

“Our engagement with Numocity is complementary to ABB’s wide portfolio in e-mobility. It will help us to move forward faster in the Indian market, leveraging on the combined strengths,” CP Vyas, head of ABB India’s electrification business, said in the statement. 

The e-mobility space has lately seen large deals being closed, especially in the OEM (original equipment manufacturing) space. Bengaluru-based Ather Energy, the maker of electric scooters, raised $51 million from Flipkart co-founder Sachin Bansal in May 2019. The EV space has also seen traditional auto companies coming in as strategic investors. In November, micro-mobility platform Yulu raised $9.5 million in Series A, led by Bajaj Auto. 

Also read: Rewind 2019 : SaaS, B2B marketplaces, electric vehicles make waves in tech funding deal charts 

Last year also saw Shreyas Shibulal setting up Micelio, a dedicated fund to foster the EV ecosystem in India.

Comment(s)