Exponent Energy, a technology firm focused on making energy for electric cars (EVs) easier to understand, revealed on Wednesday that it had raised $5 million in a pre-Series A round of funding. YourNest VC, an existing investor, led the round.
The funds raised will be used to start commercial operations and scale them across multiple cities beginning in early 2022, starting with Bengaluru; hire across product and engineering teams to ensure their products enter production; build out a robust deployment team for smooth operations; and double down on its software products to create a seamless customer experience.
Commenting on the fundraise, Arun Vinayak, Co-founder and CEO, 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.”