Exponent Energy is a technology start-up dedicated to simplifying energy for EVs. The company has today announced that it has secured $ 5mn in a pre-series A round of funding. Exponent Energy’s existing investor, YourNest VC led the fresh round of funding. Moreover, 3one4 Capital and AdvantEdge VC doubled down on their earlier investment as this new round of funding witnessed the participation of Motherson Group too, which is a leading global supplier of automotive components.
Commenting on the fundraise, Co-founder & CEO, 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.”
Exponent Energy is working on simplifying the ‘EV energytrain’, i.e. the flow of energy between the charger and battery. The company has recently unveiled its battery pack & charging station called the E-pack & E-pump that can together unlock a 0 to 100 per cent rapid charge within 15 minutes for EVs with any number of wheels. In addition, the company claims that it can also provide a 3,000 cycle life warranty, all while using affordable Li-ion cells to make rapid charging truly scalable.
The EV charging start-up says that this is made possible by their proprietary BMS (battery management system) and charging algorithms, layered on top of their unique E-pack design. Exponent Energy will use the funds “to begin commercial operations & scale it across multiple cities starting with Bengaluru from early 2022; hire across product & engineering teams to ensure their products enter production, build out a robust deployment team for smooth operations & double down on its software products to create a seamless customer experience.”
Highlighting Exponent’s vision, Arun Vinayak said, “For nearly a decade, stakeholders have come together to solve the drivetrains of the EV ecosystem, getting the 0-1 shift done and dusted for EV adoption. However, to unlock scale, the 1-100 journey needs energy partnerships crafted in a way that creates a win-win-win scenario for the consumer, the vehicle manufacturer, and the charging station partner. At Exponent, we are creating that deeper impact for everyone to scale exponentially.”