[Funding alert] EV enabler Numocity raises funds from Ideaspring Capital, Rebright Partners, ABB Technology Ventures
YourStory’s 2019 Tech30 company Numocity has secured an undisclosed amount from Ideaspring Capital, Rebright Partners and ABB Technology Ventures (ATV). The early-stage startup focusses on providing digital solutions for electric mobility infrastructure.
Naganand Doraswamy, MD, Ideaspring Capital said in a statement:
“Ideaspring is very excited to partner with Numocity in building the future of electric mobility. 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.”
Numocity Technologies founders (from left): Siddharth Sreenivasan, Ravikiran Annaswamy and Muralidhar Somisetty
Bengaluru-basedis an expert in both hardware as well as software focussed on energy management for the EV segment. The startup was founded by Ravikiran Annaswamy, Siddharth Sreenivasan, and Muralidhar Somisetty in December 2018.
“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 realise our goals,” says Siddharth.
Numocity has an end-to-end middleware solution with various use-cases for the entire EV ecosystem, ranging from fixed charging infrastructure, battery swap management, analytics for fleet operations, and a value-added services platform built with mobility intelligence and data.
Numocity's middleware platform handles all the complexity of inter-working between electric grid, charging infrastructure and battery, to deliver a seamless and simple experience for EV users. The platform is built for scale and offers advanced intelligence to bring efficiency and optimal utilisation of key assets to enable growth in e-mobility adoption.
CP Vyas, Head of ABB India’s Electrification business said,
“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.”
(Edited by Saheli Sen Gupta)