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IIT Madras-incubated deeptech startup Viridian Ingni Propulsion raises Rs 1.47 crore in funding from IPV

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IIT Madras-incubated deeptech startup Viridian Ingni Propulsion raises Rs 1.47 crore in funding from IPV

Chennai-based deeptech startup Viridian Ingni Propulsion has raised Rs 1.47 crore in a pre-seed funding round led by Inflection Point Ventures (IPV).

The startup builds electric motors, controllers and firmware for electric vehicles, drones, robots and industrial machines.

Separately, it has received Rs 53.75 lakh in grants from SIPCOT, MeitY Startup Hub, NIDHI PRAYAS, the Rural Technology and Business Incubator (RTBI) at IIT Madras Research Park, and Cummins CSR.

Together, the equity round and the grants bring the capital the startup has received to about Rs 2 crore.

Viridian Ingni said the funds will take it from validated prototypes to pilot production. The money will go into manufacturing tooling, a pilot production line, certification and homologation with ARAI and ICAT, validation of its motor controller firmware, hiring for engineering and business roles, and working capital for its first customer deliveries.

The startup has letters of intent for 350 motors from two customers, Crop Xplore and Yali Mobility. Viridian Ingni has a five-member engineering team and said it is pre-revenue.

Founded in February 2024 by Sriram G, who serves as its CEO, Viridian Ingni Propulsion is incubated at IIT Madras Research Park in Chennai. The startup works on two types of motors. Its ferrite PMa-SynRM motors use no rare earth magnets and are designed for e-rickshaws, two-wheelers, HVAC systems, compressors and solar pumps.

Meanwhile, its rare earth permanent magnet synchronous motors (PMSM) are aimed at applications where power density is critical, including drones, collaborative robots, automated guided vehicles and marine applications.


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