Electric mobility infrastructure startup Exponent Energy has raised $13 million in its Series A funding round from Lightspeed.
The round also saw participation from existing investors YourNest VC, 3one4 Capital and AdvantEdge VC.
The startup plans to use the funds to scale up the charging network to 100 locations per city, starting with Bengaluru. It also aims to streamline e-pack production.
The Bengaluru based Exponent Energy was founded in 2020 by Arun Vinayak and Sanjay Byalal, It claims that its solution can unlock 15 minutes of rapid charging for EVs using regular lithium-ion cells while maintaining a charging cycle count of 3,000.
“We’ve really enjoyed thinking aloud with the Lightspeed team in all conversations leading up to the investment. We believe we have a great partner in them as we simplify energy for EVs – for an all-electric future,” said, Arun Vinayak, Co-founder & CEO, Exponent Energy.
“Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence to 100 e^pump location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal,” he added.
Earlier this month, the startup partnered with Altigreen to make rapid charging a reality for Electric Commercial Vehicles (eCVs) on Indian roads.
“The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing and so we are delighted to partner with Exponent to simplify energy for EVs. This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous.” said Harsha Kumar, Partner at Lightspeed.
In December 2021, Exponent Energy had raised $5 million in its Pre-Series A funding round from YourNest Venture Capital with participation from 3one4 Capital, AdvantEdge VC and Motherson Group.
About Exponent Energy
After spending 7 years helping build Ather Energy as its Founding Partner & Chief Product Officer, Arun Vinayak decided to startup once again. The root cause of his decision was the desire to build something that would allow every type of vehicle to go electric today.
They believe EVs have completed the 0 to 1 shift of driving better than conventional vehicles. However, for the industry to exponentially scale from 1 to 100, the underlying energy problem needs to be simplified.