Thursday, September 29, 2022
HomeInsightFunding Alert oorja.energy raises funding from Capital A

[Funding alert] oorja.energy raises funding from Capital A

Oorja, which enables automotive companies to design better batteries, has raised an undisclosed amount in strategic funding round from early-stage focused fund Capital A, through its $10 million cleantech fund Evolve.

Oorja, which enables automotive companies to design better batteries, has raised an undisclosed amount in strategic funding round from early-stage focused fund Capital A, through its $10 million cleantech fund Evolve.

The startup plans to use the funds to predict battery performance by monitoring parameters such as temperature, which is a significant problem, and to design better batteries.

The Bengaluru-based Oorja.energy was founded in 2022 by Vineet Dravid, It provides electric vehicle manufacturers with simple battery design solutions and its potential lies in accurate battery life, optimized pack design and cost and time savings.

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“We, at Oorja, believe in design processes that help in devising products focusing on specific customer problems. We have built an easy to use and interactive interface based on a maintenance free SaaS model, the first in the industry. Our solution is unique and beneficial to the ecosystem in many ways. It is a faster and highly accurate solution for heat and capacity fade prediction, an area that has been the Achilles heel for the EV industry. With Capital A’s investment, we will be able to expand our market access and reach out to OEMs with the game-changing solution and our expert support as well as calibration services in a highly cost-effective manner”, said, Vineet Dravid, Founder and CEO, Oorja.

The company claims to be the first of its kind technology that uses physics- and math-based solutions complemented by an algorithm based on reality that uniquely positions us to solve customer problems with the greatest accuracy .

“Through our cleantech fund ‘Evolve’ and this strategic investment in Oorja, we are working towards the larger goal of cementing the safety, effectiveness and productivity of the EV battery ecosystem. Through Oorja, Vineet Dravid has built a system that reduces time and costs for EV OEMs as well as charging solution providers alongside significantly improving safety and accuracy. We are happy to be a part of their efforts to propel the Indian EV industry further and support the Indian government’s efforts in this segment as well. Our strong network of national and global resources will always be there for them whenever they need it”, said, Ankit Kedia, Founder, Capital A.

This is the second investment for Capital A in the cleantech and electric mobility segment, following the $2.5 million investment in Chargeup, which aims to build the largest network of battery swapping stations in India.

Read also – [Funding alert] Proptech Startup Landeed raises INR 19.5 Cr in seed round

About Oorja.energy

Headquartered in Bangalore, India, oorja.energy aims to empower automotive companies to design better batteries. Through a first of its kind cutting edge technology that combines the best of Machine Learning and Physics, oorja enables automotive OEMs to make informed decisions to optimize battery packs by reducing time to market and costs.

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