Exponent Energy raises $13 million in Series A funding round led by Lightspeed
- ByStartupStory | August 17, 2022
Exponent Energy, an electric vehicle charging startup, announced a $13 million Series A funding round headed by Lightspeed and attended by institutional investors YourNest VC, 3one4 Capital, and AdvantEdge VC on Wednesday.
Harsha Kumar, partner at Lightspeed said, “The funds will be used to extend the company’s charging network in Bengaluru and other locations, as well as to streamline production. The need for improving EV battery performance, sustainability, and, most importantly, access and cost has never been more essential.”
Arun Vinayak, co-founder and CEO of Exponent Energy stated, “Our technology now provides a seamless charging experience, and now that we have a car alliance in place, we will scale up our production and network presence… “With this funding, we will be able to execute even quicker and make 15-minute rapid charging the new normal.”
Exponent Energy teamed with Altigreen earlier this month to establish charging stations for electric commercial cars in India. Exponent plans to launch the world’s quickest charging electric three-wheeler, which will charge from 0 to 100% in 15 minutes.
So far Exponent Energy has received $6 million in seed and pre-series A funding from the family office of Hero Motocorp Chairman Pawan Munjal, Motherson Group, YourNest VC, and a few angel investors.
About Exponent Energy
Exponent Energy, led by ex-Ather Energy CPO Arun Vinayak and ex-HUL executive Sanjay Byalal, promises to simplify energy for EVs. The business has created the E-pack and E-pump, which together unlock a 0 to 100% rapid charge in 15 minutes for EVs with any number of wheels, as well as a 3000 cycle life warranty – all while employing cost Li-ion cells to make rapid charging genuinely scalable.
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