Taqanal Energy, a provider of cloud-connected smart modular battery energy storage solutions for the electric vehicle market, has announced a pre-series round of funding of Rs 9.50 crore. JITO Angel Network, KITVEN, Lets Venture, and Wellingdon Advisors are among the investors. The company’s mission is to break down barriers to EV adoption and speed up the switch to electric vehicles.
Taqanal Energy’s Intelligent Energy Storage Management System is enabling the transition from fossil fuels and internal combustion engines to electric automobiles. The power of embedded intelligence in the battery is combined with cloud applications in this system. Auto, Railways, Aerospace, Renewable Energy, Industrial, Medical, Military, Recreation, UPS Industry, and Electric Vehicles are among the industries that the company is reported to serve.
Commenting on the announcement, Mohan Satyaranjan, Co-Founder of Taqanal Energy said, “JITO Angel Network helped us complete our investment goal by connecting us with specific investors interested in this sector. The fundraising process was well structured and we were able to close the round quickly. The fund will be further utilized to complete our product development and roll out our battery swapping and monitoring solutions in 2022-23.”
Sunil Kumar Singhvi, Vice Chairman, JITO Angel Network added, “There is a huge opportunity in the EV space and Taqanal Energy has evolved newer SAAS models which will help in the seamless transitioning of smarter solutions catering to this segment. We are confident that the company will create a niche for themselves in a still under-penetrated and un-served market, thus bringing multiple benefits to stakeholders across the value chain.”
