Chara Technologies, a Bengaluru-based deeptech startup, has raised $4.75 million (around Rs 39 crore) led by venture capital firm Exfinity Venture Partners in a pre-Series A funding round.
Big Capital, the venture arm of Bitexco, and Log9 Materials, with existing investors Kalaari Capital and CIIE.Co also participated in the funding round.
Chara Technologies | Magnet-free Motor Tech
Founded by Bhaktha Keshavachar, Ravi Prasad Sharma and Mahalingam Koushik in 2019, Chara claims to be building technologies and solutions that will help reduce millions of tons of carbon emissions from industries, mobility, buildings and households.
Speaking about the development, Bhaktha Keshavachar, Founder and CEO of Chara, said,
“We are working towards changing the current trends in motor tech, doing away with rare-earth-dependent practices. We are building rare-earth-free, hyper-efficient, cost-effective, intelligent motors and controllers for electric vehicles, heating ventilation, air conditioning and other industries.”
It is a cloud-controlled, rare earth mineral-free hardware and software platform for the switched reluctance motor and other magnet-free motor technologies. The firm has developed motors for use in two-wheeler, three and four-wheeler light commercial vehicles (LCV) and in the heating, ventilation and air conditioning (HVAC) sectors.
Commenting on the development, Chinnu Senthilkumar, managing partner at Exfinity Venture Partners, said,
“To build hybrid version of SRM motors, an interdisciplinary team with backgrounds in electro-mechanical, power electronics and software domains is a must. We found that the Chara’s founding team is exemplary in this regard.”
India has over 3,000 deeptech startups, as per a report released by NASSCOM earlier this year. The segment of startups has reportedly grown by 53 per cent in the last 10 years. And in the last year, India’s deeptech space has seen considerable investment activity.
In 2022, several deeptech startups raised funds, including Awiros raising $7 million in a Series A round and Vecmocon raising $5.2M in funding to invest in team building, business expansion, scaling up operations, and further product innovation.
Additionally, to support Indian Deeptech Startups, the Indian government is launching a Digital India Innovation Fund, stated Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Rajeev Chandrasekhar.
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