Startup at IIT Delhi: Technology for the EV Market
Vecmocon Technologies Pvt. Ltd is a vehicle intelligence company working on designing core components for smart, electric automotive systems. Incubated and mentored by IIT Delhi, the startup is working on the technology for next generation of automobiles. Engaged in the business of core components design, automotive big analytics and services for electric smart-vehicles, the team designs core electric vehicle subsystems, motor controllers, battery management systems, vehicle communication and integration modules. These subsystems form the central nervous system of the vehicle.
Co-founders of the company, Peeyush Asati and Adarshkumar Balaraman talk to Vanita Srivastava about the challenges and the way ahead.
How and when did you get the idea for the startup?
We were always passionate about clean technology and smart electric vehicles. While working with formula student teams, we got the expo-sure to build and design vehicles from the drawing board. Nikesh Bisht and Shivam Wankede joined us after we were incubated in IIT Delhi. When we started the company, we were working on three core components - Battery Management System, Motor Controller and Vehicle Intelligence Module. After interacting with the industry and customer surveys, we realized that despite electric vehicle being operationally cheap compared to the IC engine vehicles, people are not willing to buy one. We started identifying the core problems and challenges. Accurate range estimation, predictive and preventive maintenance, over the air upgrade, swappable battery are some features we are building for a smart electric vehicle.
What does your startup fundamentally do?
We essentially build the central nervous system of electric vehicles. We fully design all the control components of electric vehicles. These control components also have embedded sensors, computers and communication systems and communication module to send us the data we require. One of our components, the vehicle intelligence module provides cloud connectivity enabling smart services. We have addressed and fulfilled most of the fundamental customer expectations through our three components. We also employ modern methods of machine learning to imbibe intelligence on our vehicles.
What were the main challenges that you encountered?
The initial challenges were essentially on how to sustain. It takes considerable amount of time to move from TRL (Technology Readiness Levels), TRL-0 to TRL- 10. The domain we work on is capital intensive and so building even few prototypes requires considerable sum of money. Another challenge has been to build the right team, because electric vehicle industry in India is still in the nascent stage and there are few professionals in the industry. Recently we closed a funding round with one of the leading automotive component manufacturer in India and they are also our electronic manufacturing Services partner.
What is the future road map of your startup?
We want to be one of the prominent e-automotive data analytics and electric vehicle ecosystem enabler in India. We aspire to be the Google for electric vehicles. We will continue to work on cutting edge technologies and find its applications in automotive industry. One of our component, BMS, will be market ready and out in the market in three months. We also propose to launch electric scooter by February 2020.
Peeyush Asati: CEO and Co-founder. MSc.(Physics), IIT Kanpur
Nikesh Bisht: CTO and Co-founder. B.Tech (Mechanical), IIT Delhi
Shivam Wankhede: CTO and Co-Founder. B.Tech (Mechanical), IIT Delhi
Adarsh Kumar B: COO & Co-Founder. B.E (Electrical), Anna University and Management from Indian School of Business
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