Embedded vision products and solutions provider E-con Systems on Monday said it has raised Rs 100 crore (around $13 million) in its first institutional round of funding from Radhakrishnan Gurusamy-led GR 2022 Holdings Inc.
The company will deploy the proceeds in building facilities for imaging, autonomous mobile robots, autonomous shopping and cellular and molecular imaging core laboratory.
Gurusamy said that E-con Systems is well poised for exponential growth, with market tailwinds supporting the applications of AI and automation to hardware products and rapid growth of embedded vision.
EY acted as the exclusive advisor for e-con Systems on the transaction.
Founded by Ashok Babu, Maharajan Veerabahu, and Harishankkar Subramanyam, E-con Systems is an OEM (original equipment manufacturer) camera solution provider. It has partnered with companies like Sony, Onsemi, and Omnivision, and lens makers like commonlands and corning and NVIDIA and Socionext.
The company started its operations in 2003, but made nearly 80-90% of its revenues from services. However, for the past seven years, the company has shifted its focus from being a service provider to a hardware manufacturer. More than 95% of its revenue now comes from products, said Babu, who is also the president of e-con Systems.
The company claims to have built 300 product solutions and shipped over 2 million cameras to more than 90 countries, to date. Its cameras are used in industries such as retail, medical, industrial, agriculture, smart city, etc.
The Chennai-headquartered company aims to consolidate its position in embedded vision products and solutions and increase its revenue threefold in the next four years. The funding will help the company to speed up and boost its growth in the embedded vision market, e-con Systems said in a statement.
“Operating at the intersection of AI and Embedded Vision, they invested in the segment ahead of the curve and are now witnessing rapid growth with machines across industries becoming smarter and autonomous. Continued investment in R&D keeps them ahead of the pack and the funding will enable them to build on their leadership position in the segment,” said Karthik H, partner at EY.
