Bangalore-based electric vehicle (EV) infrastructure startup REVOS has received $4 million in Series A funding. With this, the company has raised $4.5 million in funding to date.
The funding will be used for expanding the company’s peer-to-peer (P2P) electric vehicle charging network and smart EV platform for electric two-wheelers (E-2W) and three-wheelers (E-3W).
The company will deploy EV chargers across the country and strengthen its technology team. It also aims to enhance its EV charging network to one million chargers in 500 cities across India in the upcoming three years.
According to REVOS, its smart EV platform tracks, monitors, and controls battery management systems and motor controller that enables EVs to have connected features like on-bike navigation, diagnostics, smart alerts, and anti-theft lock.
The platform stores data into the cloud through a live stream that can be interpreted by machine learning to provide useful insights to EV manufacturers to explore new business models, deliver quality service, and improve the consumer experience.
The company also expects to pilot its P2P charging infrastructure with an Internet Of Things (IoT) enabled charging point, compatible with any portable charger that comes with all EVs in India and works with the existing AC power supply at home and establishments.
REVOS has deployed 10,000 devices in 30 original equipment manufacturers across India, China, Vietnam, Nepal, and Egypt. It is also expected to launch soon in Europe and other parts of Southeast Asia.
Mohit Yadav, Co-founder of REVOS, said, “This fundraiser is an important step in our journey. We are focused on democratizing the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network. We believe this will be key to the large-scale adoption of EVs in the future.”
“We also plan to invest more energy into our developer software development kits (SDK) and application programming interfaces (APIs) to make our stack the most developer-friendly stack ever. Our stack currently supports various components of an EV made by different manufacturers, and we envision a future where all these components can be swapped for others without worrying about the underlying complexity of integrating them.”
Last month, Pune-based startup providing EV charging solutions goEgoNetwork raised $2 million in seed funding to expand its electric charging network.
According to Mercom’s 1H and Q2 2021 Funding and M&A Report for Storage, Grid & Efficiency, smart charging companies received the most funding ($271 million in 8 deals) in 1H 2021.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.