Chara Technologies, a Bengaluru-based deeptech start-up, announced on Monday that it would raise a $850,000 seed round led by Kalaari Capital, with CIIE.CO participation based on IIM Ahmedabad, a company known for funding projects involving disruptive solutions.
“We are thrilled to be collaborating with Kalaari and CIIE, CO, both of which have extensive experience in the promotion and maintenance of deep technology enterprises. Consumer interest in a variety of industries was extremely encouraging. The funds are primarily intended to promote R & D to build and deliver finished products to existing and new customers. The goal is to establish an Indian deep-tech company whose products are used all over the world “Chara Technologies‘ founder and managing director, Bhaktha Keshavachar, stated
The start-up was initially funded by an Indian Institute of Science grant.
“Electric motors of today are based on scientific breakthroughs made in the 1800s, with progressive advancements. There is a possibility of developing a next-generation electric motor. Significant tailwinds are driving this shift. To begin, industries are transitioning from oil to electricity, which necessitates component-to-component innovation. Second, the geopolitical situation with China necessitates the location of manufacturers’ supply chains. This is not possible with current engine designs. Finally, advances in processing power and algorithms have made it possible to use hardware control software (controller) (motor). Chara is riding the crest of this tidal wave. This swell. When we met the team, it was clear that they were curious, passionate, and had a wealth of experience. This collaboration excites us, as does the potential disruption that Chara will cause in the global industry fabric. Kalaari is committed to assisting Indian entrepreneurs in the development of Deeptech innovations. “ Ravinder Singh, a Kalaari Capital venture partner, agreed.
Bhaktha Keshavachar, Ravi Prasad Sharma, and Mahalingam Koushik founded the company in November 2019 with the goal of creating a scalable, cloud-controlled, and rare earth-free platform for designing, constructing, and deploying electric engines for various applications. Changes in switched reticence motor technology and other magnet-free engine technologies will be used to power the engines. It is intended to create transformational technology that will simplify, intelligently, efficiently, and easily build the primary movement for the future in the long run.
“Because it is at the heart of every mechanical device we use today, electric engine innovation is critical to the next phase of the industrial revolution. Chara creates intelligent and efficient motors with a wide range of applications for an untapped global market. Chara has the potential to become a world-class profound technology company due to its extensive experience. We’re excited about being a part of her journey. ” Chintan Antani, Seed Investment Assistant President at CIIE.CO also commented.
The company currently has a large HVAC customer, and the company shared that multiple customers in the EV, home appliances, and safety areas are in the pipeline.
The company intends to make deep splits in the existing hydrocarbon and rare-earth-based energy economies in order to create a greener electron.