- The funding will be utilised for building research and development facilities for imaging, autonomous mobile robots, autonomous shopping, and cellular and molecular imaging.
- EY (Ernst and Young) acted as an exclusive advisor for e-con Systems on the transaction
Embedded vision products and solutions company, e-con Systems has secured funding of ₹100 crores ($13 million) from US-based private equity company GR22 Holdings Inc.
The PE company, headed by Radhakrishnan Gurusamy, has assets of nearly $100 million, as mentioned in the company’s press statement.
The funding will be utilised for e-con Systems’ growth plans, including investment in building contemporary and state-of-the-art facilities for imaging, autonomous mobile robots, autonomous shopping, and cellular and molecular imaging core laboratory.
In a recent interview with EFY, co-founder Maharajan Veerabahu stated the company’s next milestones. “From a financial perspective, we want to reach a revenue of $100 million at the earliest. On the product side, we are making products for AMRs and autonomous shopping and we wish to be in a position where we are supplying these cameras to the top five or top 10 customers or providers,” he said.
EY (Ernst and Young) acted as an exclusive advisor for e-con Systems on the transaction. EY partner Karthik H said that the company is operating at the intersection of AI and embedded vision and is ahead of the curve due to continued investment in R&D (research and development). “The company is witnessing rapid growth with machines across industries becoming smarter and more autonomous,” he added.
The company partners with Host Platform providers like NVIDIA, NXP, Qualcomm and others; key sensor makers like Sony, Onsemi and Omnivision to develop and manufacture embedded vision products and solutions.