Elecbits raises $5.5M in Series A round led by Nexus Venture Partners
Founded in 2019 by Saurav Kumar Singh and Nikhil Rawat, Elecbits provides design, prototyping, manufacturing and quality control services on a single platform.
Elecbits, an electronics design and manufacturing startup, has raised $5.5 million in a Series A funding round led by Nexus Venture Partners.
The round also saw participation from SE Ventures Energy, the investment arm of electronics giant Schneider Electric, and Singapore-based India focused fund Riverwalk Holdings.
The company plans to use the funding to scale Elecbits XOR, an AI-enabled electronics engineering and manufacturing platform, expand its engineering capabilities, and build in-house manufacturing capacity.
Founded in 2019 by Saurav Kumar Singh and Nikhil Rawat, Elecbits provides design, prototyping, manufacturing and quality control services on a single platform. Elecbits builds printed circuit boards and assembles full electronics products, such as industrial motor/inverter drivers, e-payment devices, and low-power e-ink display devices for retail, logistics and automation applications.
Elecbits said it serves more than 200 enterprise clients, including Panasonic, Schneider Electric, Motherson, Urban Company, Zetwerk, Maruti Suzuki, Ola and Valeo. It plans to scale manufacturing capacity as global companies increasingly diversify supply chains out of China.
“Electronics powers every modern innovation, yet building hardware has always been painfully slow," said Nikhil Rawat, Co-founder of Elecbits. "At Elecbits, we aren’t just driving the change, we’re engineering the operating system for India’s electronics future. This fundraise takes us one step closer to a world where every idea can go from concept to creation in days, not months.”
“The world runs on hardware, yet the infrastructure to build it remains inefficient, at least in India. We partnered with Elecbits because they are solving this foundational problem with speed and precision and making India globally competitive," said Anand Datta, Partner at Nexus Venture Partners.
“SE Ventures is excited about Elecbits as a catalyst in the growing electronic design and manufacturing market in India, strengthening our thesis that AI will disrupt existing solutions to enhance quality and reduce time to market,” said Siddharth Mehta, Investment Partner APAC at SE Ventures. “This investment, and partnership with our LP, Schneider Electric, will accelerate rapid prototyping, co-development, and next-generation product innovation.”
Edited by Swetha Kannan