Deeptech Startup oorja Bags $1.5M Funding, Eyes European & North American Markets
Oorja, a Bengaluru-based deeptech startup, has made headlines by raising $1.5 million in a seed funding round.
Led by Micelio Fund, a VC fund in India, and co-led by Capital-A, the funding round also saw participation from Java Capital, Anicut Capital, and Lead Angels.
As per the deeptech startup, the freshly raised funds will be used to build its product and expand into Europe and North American markets.
oorja | Hybrid Simulations for Smarter Design
Launched by Dr. Vineet Dravid in 2022, Oorja is a Bengaluru-based deep tech startup that aims to empower automotive companies to design better batteries. Combining the best of Machine Learning and Physics, the deeptech startup enables automotive OEMs to make informed decisions to optimize battery packs by reducing time to market and costs.
Having already launched its product, oorja offers an extensive range of apps that address every battery design challenge, including material, range, capacity fade, thermal management, and cell design.
Speaking about the development, Dr. Vineet Dravid, founder of oorja energy, highlighted that the physics-based tools that are currently used are complex, difficult to deploy, and slow down time to market. And this has been the driving force to launch oorja and solve complex engineering problems at the design stage with a cutting-edge world-class product made in India.
“Our Hybrid approach uses a combination of physics + ML to improve accuracy and speed up time to market. We are grateful to our investors for reposing their faith in our capabilities and empowering us in our journey towards making oorja the go-to design analysis tool in the new age mobility industry.”
Statement from the Investor
Commenting on the development, Alok Chauhan, Principal, Micelio Technology Fund, highlighted the excitement to have partnered with oorja as the startup is solving a crucial global problem to ensure the transition to clean mobility is safe and efficient.
“Engineering design is getting complex and time-consuming, leading to long release cycles, and need user-friendly, time-efficient tools to assist new technology development and launch products faster. Vineet and team have the most relevant background and have built an impactful solution that has the potential to be a global category-leader in the space.”
This year several deeptech startups have raised funds, highlighting the demand for breakthrough technological solutions. Earlier in September, deeptech hardware startup ThinkMetal secured $300,000 (Rs 2.5 crore) in the pre-seed funding round led by early-stage venture capital backer 100X.VC.
Also, InCore Semiconductors, a Chennai-based deeptech startup that enables its customers with turnkey processor IP solutions for industrial segment, raised a seed funding round of $3 million (Rs 24.6 million) from VC firm Sequoia Capital India.
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