E-con Systems Raises Rs 100 Crore In Fresh Funding
E-con Systems, an embedded vision products and solutions company, has raised around Rs 100 crore ($13 million) in funding at an undisclosed valuation from GR 2022 Holdings, headed by Radhakrishnan Gurusamy.
As per the firms, the freshly raised funds will be used to expand its operations in the US and other countries.
The startup also plans to focus on 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.
E-con Systems | End-to-end Camera Solutions
Founded by Ashok Babu Kunjukkannan, Maharajan Veerabahu, and Harishankkar Subramanyam, E-con Systems provides end-to-end camera solutions like MIPI camera modules, FPD Link III cameras, USB 3.1 Gen 1 cameras, GMSL cameras, GigE cameras, and stereo cameras.
Speaking about the development, Harishankkar Subramanyam, Co-founder of E-con Systems, said,
“We have received equity investment of Rs 100 crore from GR22 Holdings. We have a presence overseas, but with this funding, we will be scaling up our offices in the US, Europe, Japan and South Korea.”
The firm claims to have built 300 product solutions that are used across industries like retail, medical, industrial, agriculture, and smart cities, among others. It has shipped over 2 million cameras across 90+ countries to date.
As per the firm, the raised funds will help the company to speed up and boost its growth in the embedded vision markets.
E-con Systems partners with key sensor makers like Sony, Onsemi, and Omnivision; ISP partners like NVIDIA and Socionext; and lens makers like Commonlands and Corning. The firm also collaborates with Host Platform providers like NVIDIA, NXP, and Qualcomm.
EY acted as the exclusive advisor for e-con Systems on the transaction. As per Karthik H., Partner at EY, E-con Systems, which is operating at the intersection of AI and embedded vision, invested in the segment ahead of the curve. The firm is now seeing rapid growth, with machines across industries becoming smarter and more autonomous, added Karthik H.
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