SaaS-based early-stage tech startup Numocity Technologies has raised an undisclosed amount from Ideaspring Capital, Rebright Partners and ABB Technology Ventures (ATV).
The startup provides digital solutions for electric mobility infrastructure. It offers an end-to-end middleware solution with various use cases including fixed charging infrastructure, battery swap management, analytics for fleet operations and a value-added services platform built with mobility intelligence and data for the electric vehicle (EV) ecosystem.
“As the adoption of EVs picks up globally Numocity’s solution will become very valuable to all the players in the EV ecosystem. We have tracked Numocity’s journey and are very impressed with their progress. The founders’ background gives them a unique edge to solve the problem of interoperability the EV ecosystem faces,” said Naganand Doraswamy, MD, Ideaspring Capital in a statement.
Ideaspring Capital is an early-stage venture fund that invests in product innovation startups in India focused on global B2B and B2B2C markets.
“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. We believe we have found the right partners who share our vision and back us to realize our goals,” said Siddharth Sreenivasan, cofounder, Numocity.
The Bengaluru-based tech startup was founded by Ravikiran Annaswamy, Siddharth Sreenivasan, and Muralidhar Somisetty in December 2018. The startup’s middleware platform handles interworking between electric grid, charging infrastructure and battery. The platform also uses technologies such as the Internet of Things (IoT) and radio-frequency identification (RFID), advanced intelligence to bring efficiency and optimal utilisation of key assets to enable growth in e-mobility adoption.
“Our goal is to be a world-class player with solutions built for scale and global reach. We have earlier experience building complex systems and confident that our platforms will successfully solve the energy challenges in the EV Ecosystem,” said Ravikiran Annaswamy, cofounder.
Rebright Partners is an early stage Japanese Venture Capital Fund which invests in deeptech, healthcare, mobility, enterprise among others. The fund has been investing in India for more than five years and has 14 startups under its portfolio.
The Indian government has been betting high on EVs to resolve pollution woes. NITI Aayog had said that only electric vehicles should be sold in India by 2030. It had called for a complete electric transition for three-wheelers by 2023 and two-wheelers with an engine capacity of less than 150 CC by 2025. Backed by increased investor interest, Indian EV companies such as Blu Smart, Ola Electric, Okinawa, Yulu, among others have also been scaling up operations.