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Oorja Energy raises $1.5 million towards clean mobility
The pre-Series A investment round for Bengaluru-based Oorja, which aids
EV
makers in developing better batteries, raised $1.5 million on Thursday. Micelio firm, the first venture capital firm in India with a focus on fostering sustainable innovation in the clean mobility ecosystem, led the round. Lead Angels, Java Capital, and Anicut Capital also took part in the round, which was co-led by Capital-A.According to the business, it intends to use the money to expand its product and enter the European and North American markets. Oorja is a cloud-based platform that was introduced in 2022 that does predictive modelling using physics principles and machine learning computing methods.
In order to optimise the design and performance of the batteries, the business consults with automobile OEMs and designers.
The time to market is slowed down by the complexity and difficulty of deploying the physics-based technologies that are already in use. Our inspiration for creating Oorja was to use a cutting-edge, top-tier product manufactured in India to resolve complicated technical challenges at the design stage. According to Dr Vineet Dravid, founder of Oorja Energy, the hybrid technique employs a combination of physics + ML to increase accuracy and shorten the time to market.
The startup was established in 2022 as a component of the Indian Science Technology Engineering Facilities Map (ISTEM) programme, which is run by the Office of Principal Scientific Advisor to the government.
Oorja introduced its device and accompanying applications a year after it was introduced, solving all battery design issues, such as material, range, capacity fading, thermal management, and cell design. Currently, the firm serves over 15 clients in Asia and Europe. We are really thrilled to join with Oorja, said Alok Chauhan, Principal of Micelio Technology Fund. For the safe and effective transition to sustainable transportation, they are resolving a key worldwide issue. Long release cycles are a result of engineering design that is becoming more sophisticated and time-consuming. To help new technology development and speed up product launches, user-friendly, time-efficient solutions are needed.
The Indian EV battery market is expected to increase from its current projected value of $16.77 billion to up to $27.70 billion by 2028, at a compound annual growth rate of 10.56 per cent, according to the market intelligence and research firm Mordor Research. By 2030, 30% of Indian automobiles are expected to be electric, according to the most recent economic report.