e-con Systems bags Rs 100 Cr in funding for global expansion
The funding will help the company speed up and boost its growth in the market, as it aims to increase its revenue threefold in the next four years.
e-con Systems, an embedded vision products and solutions company, has secured more than Rs 100 crore ($13 million) in funding from GR 2022 Holdings Inc, headed by Radhakrishnan Gurusamy, to expand its operations in the US and other countries.
The company plans to use the capital towards its growth, including investing in building state-of-the-art facilities for imaging, autonomous mobile robots, autonomous shopping, and a cellular and molecular imaging core laboratory.
The funding is also expected to speed up its growth in the market, as it aims to increase its revenue threefold in the next four years, the company said in a statement.
EY acted as the exclusive advisor for on the transaction.
According to Karthik H, Partner at EY, operating at the intersection of AI and embedded vision, e-con Systems invested in the segment ahead of the curve and is now seeing rapid growth with machines across industries becoming smarter and more autonomous.
"Continued investment in R&D (research and development) keeps them ahead of the pack," he added.
e-con Systems was founded in 2003 by Ashok Babu Kunjukannan, Harishankkar Subramanyam, Maheshwari Dhayanandan, and Maharajan Veerabahu.
To date, the company has built 300 product solutions and shipped over two million cameras across more than 90 countries around the globe.
Its products are used across industries like retail, medical, industrial, agriculture, and smart cities, among others.
e-con Systems partners with key sensor makers like Sony, Onsemi, and Omnivision, lens makers like Commonlands and Corning, and ISP partners like NVIDIA and Socionext. It also collaborates with host platform providers like NVIDIA, NXP, Qualcomm, and others.
(The copy was updated to mention all co-founders.)