EV infrastructure startup REVOS has raised $4 Mn in its Series A round led by Union Square Ventures (USV) & Prime Venture Partners.
The funds will be used to expand its peer-to-peer EV charging network and Smart EV platform for two & three-wheelers. A chunk of the funds will also be redirected towards deploying EV chargers across the country and further strengthen its technology team by hiring aggressively across all business functions in the next few months.
The startup plans on expanding its charging network to 1 Mn chargers in 500 cities across India and other emerging markets to power two and three-wheeler EVs in the coming three years.
Started in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Revolutionary EV Operating Stack aka REVOS offers an AI-integrated IoT platform to make EVs smart, safe and connected.
Research shows that India’s EV penetration in the two-wheeler segment is forecasted to increase from 5% currently to 9% by 2025, while the three-wheeler segment, which currently has a 20% penetration, is expected to have a 40% penetration by 2025.
REVOS aims to be the ‘android for EVs’, which allows EV manufacturers to build smart mobility features on top of the software developed by REVOS. Since its platform was launched in 2019, the startup claims to have deployed nearly 10,000 devices (EVs + chargers) in 30 OEMs across India, China, Vietnam, Nepal and Egypt.
The startup is now planning to launch its product in Europe and other parts of South-East (SE) Asia.
The startup, which competes in the global market with companies like CoModule, Advansolar, Digital Auto Guides, among others, believes that its patent-pending modular and customisable platform will keep it ahead of the competition.
Its platform allows each component of the EV to communicate with each other, with the data being stored into the cloud through a live stream. The data is then aggregated and interpreted through machine learning into useful insights that the EV manufacturers can use to explore new business models, deliver quality service, and improve customer experience, according to the company.
The startup tracks, monitors and controls motor controllers and battery management systems on its platform and enables EVs to have connected features like on-bike navigation, diagnostics, smart alerts and anti-theft lock.
In addition, its bike mobile app enables drivers to receive smart alerts, send out emergency SOS messages and navigate to the nearest charging station.The startup claims its platform can be integrated seamlessly into existing processes and improve the manufacturers’ go-to-market timeline.
REVOS, with its charging infrastructure, plans to fulfil this gap by building an on-the-go charging network that will make charging EVs as easy and convenient as charging your mobile phone today.
Prior to this, REVOS had raised an undisclosed amount in 2019 from early-stage investment VC ITI Growth Opportunities Fund and SUN Mobility’s Chetan Maini. Including this round, the startup has raised a total of $4.5 Mn.