DefenceTech Startup Optimized Electrotech Raises $1.8 Million In Funding
Optimized Electrotech (OEPL), a defence technology startup, has raised $1.8 million in a funding round led by Mumbai-based integrated incubator Venture Catalysts.
OEPL’s existing investor GVFL and other angel investors also participated in the funding round.
As per the startup, the funds would be utilised to design new-age surveillance systems, product innovations, and build more prototypes to be used in the Railways sector and smart city and intelligent border projects with a market potential of $7.3 billion.
Started by Sandeep Shah, Anil Yekkala, Kuldeep Saxena, Dharin Shah, and Purvi Shah in 2017, Optimized Electrotech Private Limited (OEPL) is an Ahmedabad-based defence-tech startup that makes Indigenously Designed, Developed and Manufactured (IDDM) Surveillance systems.
Optimized Electrotech is working with a vision of creating a footprint in the Indian Defence industry by providing cutting-edge solutions customized to India’s requirements.
Talking about the company’s vision, Sandeep Shah, Optimized Electrotech’s Co-founder and CMD, said,
“By 2030, Optimized Electrotech shall be amongst the global leaders in all imaging surveillance applications under its platforms across land, sea, air, and space. Our vision is to be the global leader in surveillance systems, in the process making India self-reliant in its defence needs. At present, India imports 55 percent of its defence needs, but soon it will be a market dominated by indigenous products due to a favorable government policy.”
OEPL claims that it already has a robust sales funnel worth Rs 95 crore from Indian and Foreign OEMs for the next few years.
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