Exponent Energy Raises $5 Million In Pre-Series A Funding Round
Exponent Energy, a technology startup simplifying energy for EVs by building a Flexible Energy Stack, has raised $5 million in a pre-Series A round of funding led by existing investor YourNest VC.
Other existing investors, AdvantEdge VC and 3one4 Capital, doubled down on their earlier investment as the funding round witnessed the participation of Motherson Group, a leading global supplier of automotive components.
The startup will use the funds to begin commercial operations and scale it across multiple cities, starting with Bengaluru in early 2022. Additionally, Exponent Energy will hire across product and engineering teams to ensure their products enter production, build out a robust deployment team for smooth operations and double down on its software products to create a seamless customer experience.
Exponent Energy| Simplifying Energy For EVs By Building A Flexible Energy Stack
Founded by former Ather Energy CPO Arun Vinayak along with his colleague at Ather Energy Sanjay Byalal, Exponent Energy aims to simplify energy for EVs by building a Flexible Energy Stack.
The EV startup recently unveiled its battery pack and charging station called the E-pack and E-pump that together unlocks a 15-minute rapid charge and gives a 3000 cycle life warranty (a new industry standard) — all done on a range of affordable Li-ion cells.
Exponent Energy is making this possible by leveraging its proprietary BMS and charging algorithms, layered on top of their unique E-pack design.
Speaking on the development, Arun Vinayak, Co-founder and CEO of Exponent Energy, said,
“We’re excited to deepen our partnership with our existing investors who’ve watched us build from scratch. Motherson coming on board adds immense value to scale with respect to OEM relationships & manufacturing partnerships. Given the demand witnessed for our rapid charging technology in the logistics space, we prioritized closing the Pre-Series A to enter the market by early 2022.”
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