Ideaspring Capital Leads Investment in Numocity with Rebright Partners & ABB Technology Venture

Numocity Technologies has announced that it has raised an undisclosed amount from Ideaspring Capital, Rebright Partners and ABB Technology Ventures (ATV). Numocity has an end-to-end middleware solution with various use cases for the entire Electric Vehicle (EV) ecosystem ranging from Fixed charging infrastructure, Battery swap management, Analytics for fleet operations and a value-added services platform built with mobility intelligence and data.

Numocity's middleware platform handles all the complexity of interworking between Electric grid, charging infrastructure and Battery to deliver a seamless and simple experience for EV users. The platform is built for scale and offers advanced intelligence to bring efficiency and optimal utilization of key assets to enable growth in E-mobility adoption.

The transportation industry is on the verge of being disrupted by new technologies and Electrification will be a key driver of this change. The market requires close interworking between key stakeholders i.e. Automobile and Electrical companies along with transport service providers to create a conducive environment for large scale adoption of electric vehicles. The stage for mass deployment of EVs is closer to the present than previously forecasted.

“Ideaspring is very excited to partner with Numocity in building the future of Electric Mobility. As the adoption of EVs pick up globally Numocity’s solution will become very valuable to all the players in the EV ecosystem. We have tracked Numocity’s journey and are very impressed with their progress. The founders background gives them a unique edge to solve the problem of interoperability the EV ecosystem faces,” Naganand Doraswamy, MD, Ideaspring Capital.

CP Vyas, head of ABB India’s Electrification business said: “ABB is a global leader in fast charging technology and has been one of the pioneers in electrification of transportation with a wide range of solutions across multi modes since decades. Our engagement with Numocity is complementary to ABB’s wide portfolio in e-mobility. It will help us to move forward faster in the Indian market, leveraging on the combined strengths.”

Arvind Vasu, leading ATV’s Asian investments said: “We are proud to partner with Numocity and write the future of Mobility in India together. Collaboration is the key to the success both for our portfolio companies as well as our businesses. The investment is in line with our global strategy.”

“We are excited to take our vision of creating a robust energy infrastructure for E-Mobility and accelerate the transition of transportation towards a cleaner and greener future. We believe we have found the right partners who share our vision and back us to realize our goals,” says Siddharth Sreenivasan, Co-Founder, Numocity.

Ravikiran Annaswamy, Co-Founder adds, “Our goal is to be a world class player with solutions built for scale and global reach. We have earlier experience building complex systems and confident that our platforms will successfully solve the energy challenges in the EV Ecosystem.”

"We are seeing a lot of interest in India’s mobility sector from Japanese auto OEMs and EV is a key growth area in the coming years. Numocity’s software platform will be an ideal partner with both vehicle and battery manufacturers as they enter the EV market in India," says Takeshi Ebihara, General Partner, Rebright Partners.

Business | News published on 13/01/2020 by News Bureau

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