[Funding News] Matel Secures $4 Mn Funding Led by Transition Venture Capital

Matel, a manufacturer of electric vehicle (EV) components such as motor control units and power trains, has raised $4 million in a funding round led by Transition Venture Capital.

The funds will be utilized to hire twice as many team members for the research and development (R&D) department to grow the team, which presently has 60 members.

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The founder of Millenium Semiconductor, an electrical components company, Haresh Abichandani, and Gruhas, supported by Nikhil Kamath, also participated in the round, as reported by ET.

Raiyaan Shingati co-founder at Transition VC said, “We’re keen on Matel’s focus on motors and motor controllers, crucial in the EV value chain. Matel’s integrated product approach, combining controllers and motors, unlock significant efficiencies, aligning perfectly with our investment strategy,”

Netaji C Patro co-founder at Matel said, “While the irrigation and industrial business will grow as usual, we see most of our exponential growth over the next few years come from the EV segment”.

About Matel

Matel Motion and Energy was founded in 2016 by Sunil Patel, Mahesh Toraskar, and Netaji C. Patro. Its primary areas of expertise are energy-saving, pumping solutions, and designing and producing IE5 high-efficiency electric motors and drives for industrial applications.

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