Rapid Charging Startup Exponent Energy raises $5 million in Pre-Series A round
- ByTejika Bajaj | December 9, 2021
The rapid charging startup Exponent Energy recently announced that it has raised a consolidated sum of $5 million in its pre-series A round of funding led by existing investor YourNest VC.
The existing investors 3one4 Capital and AdvantEdge VC have doubled down on their earlier investment. Further, this round also saw participation from Motherson Group, a leading global supplier of automotive components.
The startup aims to utilize the recently infused capital to begin its commercial operations and scale it across multiple cities starting from Bengaluru from early 2022. Additionally, the funds would be used to hire across product and engineering team, build out a robust deployment team for smooth operations and to double down on its software products to create a seamless customer experience.
Expressing his delight on the recent round of fundraise, the co-founder and CEO of Exponent Energy, Arun Vinayak said, “We’re excited to deepen our partnership with our existing investors who’ve watched us build from scratch. Motherson coming on board adds immense value to scale with respect to OEM relationships & manufacturing partnerships. Given the demand witnessed for our rapid charging technology in the logistics space, we prioritized closing the Pre-Series A to enter the market by early 2022.”
Founded by Arun Vinayak and Sanjay Byalal, Exponent Energy is a rapid charging startup that aims to simplify energy for EVs. The company recently unveiled its battery pack and charging station called the E-pack and E-pump that together unlocks a 15-minute rapid charge and gives a 3000 cycle life warranty (a new industry standard) — all done on a range of affordable Li-ion cells.
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