Electric vehicle infrastructure company RACEnergy on Thursday said that it has raised $1.3 million.
A seed plus round, the funding was led by Micelio Fund and growX ventures along with investments from Huddle, Prophetic Ventures, BITSian Angels and other angel investment firms.
The Hyderabad-based firm, which primarily designs and manufactures battery swapping stations and swappable batteries, said that it intends to utilise the fund to enhance research and development activities, scale its swapping technology and infrastructure and fulfil the pre-orders received in Hyderabad and surrounding tier-II cities.
“The funds will enable us to make more ergonomic and customised batteries, further our connected cloud system, deploy the first-of-its-kind cooling system inside a battery pack and accelerate our production process. This will help scale our pilot programmes to meet the growing EV demand,” CEO and co-founder Arun Sreyas said in a release.
Last year, RACE had raised $500,000 during a seed round from growX ventures, early-stage investor Prophetic Ventures and other angels as part of Huddle, India’s first EV accelerator. The company showcased its first prototype in 2019 and aims to set up a network of battery swapping infrastructure across various cities, starting with Hyderabad.
