Chennai-based contract manufacturer of camera solutions e-con Systems has secured Rs 100 crores (about $13 million) in funding from private equity firm GR 2022 Holdings.
The funding received will be used to speed up its growth by building state-of-art facilities in the embedded vision market and to expand the business globally, primarily in the United States.
The investment will also be used to develop and build facilities for imaging, Autonomous Mobile Robots, Autonomous shopping, and a Cellular and Molecular Imaging Core Laboratory. “We are pleased to announce our recent funding from GR22 Holdings Inc, which will significantly enhance our growth trajectory and bolster our ability to drive innovation in the embedded vision market. We are committed to harnessing the power of cutting-edge technology to enable machines to perceive and comprehend the world around them,” Ashok Babu Kunjukkannan, Co-Founder & President of e-con Systems said.
Speaking about the funding, Mr Radhakrishnan Gurusamy of GR 2022 Holdings Inc, said, “Market tailwinds supporting the applications of AI and automation to hardware products and with the rapid growth of embedded vision, e-con Systems is well poised for exponential growth in the coming future.”
The company partners with sensor makers like Sony, Onsemi, and Omnivision; lens makers such as Commonlands and Corning, and ISP partners like NVIDIA and Socionext amongst others.
e-con Systems ships various kinds of cameras such as embedded cameras, GMSL cameras, USB cameras, and medical cameras to over 90 countries.