Chennai’s e-con Systems secures ₹100 cr in funding for global expansion

CHENNAI: The city-based e-con Systems has announced the securing of over Rs 100 crore ($13mn) in funding for expanding its operations in the US and other countries.

The investment comes from GR 2022 Holdings Inc, headed by Radhakrishnan Gurusamy.

The funding will be used for e-con System’s growth plans, including investment in building facilities for imaging, autonomous mobile robots, autonomous shopping, and cellular and molecular imaging core laboratory. The company aims to increase its revenue three-fold in the next four years.

The embedded vision products and solutions company partners with key sensor makers like Sony, Onsemi, and Omnivision, and lens makers such as Commonlands and Corning, and ISP partners like NVIDIA and Socionext. It also collaborates with Host Platform providers like NVIDIA, NXP, Qualcomm, and others.

Maharajan Veerabahu, co-founder and VP, e-con Systems, said, “The funding will help us accelerate our growth plans and strengthen our position as a world leader in embedded vision products and solutions.”

Ashok Babu Kunjukkannan, co-founder-president, e-con Systems, said “With the support of our talented team of engineers, we are confident in our ability to maintain our position as a leading global provider of embedded vision products and solutions.”

Gurusamy of GR 2022 Holdings Inc, said, “e-con Systems has a strong culture of innovation that has enabled them to be at the forefront of the latest cutting-edge technology. Market tailwinds supporting the applications of AI and automation to hardware products and rapid growth of embedded vision, e-con Systems is well poised for exponential growth in the coming future.”

EY acted as the exclusive advisor for e-con Systems on the transaction.