Deeptech Startup Oorja Raises $1.5 Million in Pre-Series A Funding

A Bangalore-based startup that delves in rapid charging of electric vehicles, Exponent Energy, has pocketed $26.4 million in a Series B round that was led by Eight Roads Ventures. It also entailed a strategic investment from TDK Ventures. Other participants in the round included existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal. In 2022, Exponent Energy raked up $13 million in its Series A round led by Lightspeed. To date, it has raised $44.4 million. This also included a $6 million pre Series A round in December 2021. Bengaluru-based Exponent will make use of funds raised to expand its presence to five new cities by Financial Year 2024. Additionally, Exponent Energy also wanted to scale its offering in the electric three wheelers space. It has set sights on entering the intercity e-bus sector in 2024. Led by Arun Vinayak and Sanjay Byalal,  Exponent Energy is full stack energy company that builds chargers, batteries and everything in between to unlock 15-minute rapid charging for EVs. The firm aspires deployment of 1,000 charging stations and have 25,000 electric vehicles powered by Exponent by 2025. The firm's average run rate was pegged at more than INR 2 crore a month in revenue in FY24, which it will reach INR 600 crore by 2025. 

Oorja, a Bengaluru-based deep tech startup, that uses a combination of Physics and Machine Learning to perform predictive modelling, today announced that it has raised $1.5 million in seed funding. The funding round was led by Micelio Fund, which claims to be the first venture capital fund in India dedicated to sustainable innovation in the clean mobility ecosystem. The round was co-led by Capital-A. Java Capital, Anicut Capital. Lead Angels also participated in the funding round. Oorja will utilise the funds to build their product and make inroads into Europe and North American markets.

Bengaluru-based startup, Oorja, through its cloud-based platform, uses a hybrid approach, enabling designers and engineers to create accurate and reliable solutions with predictable performance under real-life conditions. The startup is currently working to empower automotive OEMs and designers to make informed decisions to optimize battery packs by reducing time to market and costs.

Within a year of its existence, Oorja has already launched its product and a range of apps that address battery design challenge including material, range, capacity fade, thermal management, and cell design. It currently has over 15 customers spread across Asia and Europe.

“Physics-based tools that are currently used are complex, difficult to deploy and slow down time to market. Our motivation behind Oorja has been to solve complex engineering problems at the design stage with a cutting-edge world-class product made in India. Our hybrid approach uses a combination of physics + ML to improve accuracy and speed up time to market,” said Dr. Vineet Dravid, Founder, Oorja Energy. “We are grateful to our investors for reposing their faith in our capabilities and empowering us in our journey towards making Oorja the go-to design analysis tool in the new age mobility industry.”

Alok Chauhan, Principal, Micelio Technology Fund said, “We are very excited to partner with Oorja. They are solving a crucial global problem to ensure the transition to clean mobility is safe and efficient. Engineering design is getting complex and time-consuming leading to long release cycles and need user-friendly, time-efficient tools to assist new technology development and launch products faster. Vineet and team have the most relevant background and have built an impactful solution that has the potential to be a global category-leader in the space.”

Ankit Kedia, Founder and Lead Investor – Capital-A, who had also invested in Oorja at the seed stage said, “From the very beginning, Capital-A recognized the immense potential of Oorja’s groundbreaking approach to predictive modelling. We were the first believers in their vision and their unique fusion of Physics and ML to revolutionize the clean mobility landscape. Our deep expertise in the EV and mobility sectors enabled us to collaborate closely with Oorja, contributing to the development of a powerful thesis in this domain. In a world where regulatory environments around EVs are rapidly evolving, simulation emerges as the future path.” He added, “Oorja’s cloud-based platform aligns perfectly with this trajectory. We are happy to play a crucial role in supporting their journey to become the go-to design analysis tool in the new age mobility industry.’’

Oorja is part of Indian Science Technology Engineering facilities map ( ISTEM) program which operates under the aegis of the Office of the Principal Scientific Advisor to the Government of India. Through ISTEM, students in over 800 colleges across India have access to the Oorja application suite for research and education. Oorja has also received the SISFS grant via Pandit Deendayal Energy University (PDEU), Gandhinagar and is currently incubated in NSRCEL, the flagship business incubator of IIM Bangalore, under Mobility Cohort – 2.

Oorja helps solve the widespread problem of battery fires and degradation in EVs, thereby making EVs more efficient and speeding up EV adoption.

Last year, Capital A invested $10 million in the startup through its cleantech fund, Evolve.