New Delhi: E-con Systems, a leading provider of embedded vision products and solutions, announced on Monday that it has successfully raised Rs 100 crore (approximately $13 million) in its first institutional round of funding. The funding comes from GR 2022 Holdings Inc., led by Radhakrishnan Gurusamy. The company plans to utilize the raised capital to establish state-of-the-art facilities for imaging, autonomous mobile robots, autonomous shopping, and cellular and molecular imaging core laboratory.
According to Gurusamy, E-con Systems is well-positioned for exponential growth due to the favorable market conditions driving the demand for AI and automation in hardware products. The rapid expansion of the embedded vision further supports the company’s growth prospects. EY acted as the exclusive advisor for the transaction, providing guidance throughout the funding process.
E-con Systems, founded by Ashok Babu, Maharajan Veerabahu, and Harishankkar Subramanyam, primarily operates as an OEM camera solution provider. The company has established strategic partnerships with renowned companies such as Sony, Onsemi, Omnivision and lens manufacturers like common-lands and Corning. Additionally, it collaborates with technology giants NVIDIA and Socionext.
While E-con Systems initially focused on providing services, generating 80-90% of its revenue, it gradually shifted its emphasis to hardware manufacturing over the past seven years. Currently, more than 95% of the company’s revenue is derived from its product offerings. E-con Systems takes pride in its portfolio of 300 product solutions and the shipment of over 2 million cameras to more than 90 countries across various industries, including retail, medical, industrial, agriculture, and smart city sectors.
With its headquarters in Chennai, India, E-con Systems aims to solidify its position as a prominent player in embedded vision products and solutions. The company aspires to triple its revenue over the next four years. The recently secured funding will significantly accelerate its growth within the embedded vision market, as stated in an official statement released by E-con Systems.
Karthik H, a partner at EY, highlighted E-con Systems’ advantageous position at the intersection of AI and embedded vision. The company’s early investment in this segment has proven fruitful as machines across industries continue to advance in intelligence and autonomy. By consistently investing in research and development, E-con Systems remains ahead of the competition. The funding infusion will further strengthen the company’s leadership position in this rapidly evolving market segment.
Overall, with the successful completion of its first institutional funding round, E-con Systems is well-equipped to capitalize on the growing demand for embedded vision solutions. The company’s commitment to innovation and its strong industry partnerships will undoubtedly contribute to its continued success in the dynamic field of AI and automation.
