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Funding · Mobility & Logistics

Vimag Labs raises $5 million in Series A led by Accel

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Date
Company
Vimag Labs
What it does
magnet-free electric motor and control systems
Kind
Funding
Amount
$5M
Stage
Series A
Based in
Bengaluru
Founded
2025
Sector
Mobility & Logistics

What they do

Vimag Labs develops magnet-free electric motor and control systems that deliver the efficiency of permanent magnet motors without rare earth metals

What happened

The $5 million Series A round was led by Accel with participation from Chakra Growth Fund and Thinkuvate, and will be used to commercialise its patented…

Why it matters

The startup's technology is at technology readiness level 7 and is undergoing real-world vehicle testing, with a focus on two- and three-wheeler EVs and…

The details

  • Vimag Labs, a Bengaluru-based deeptech startup, raised $5 million in a Series A funding round led by Accel, with participation from Chakra Growth Fund and Thinkuvate.
  • The startup is developing magnet-free electric motor and control systems that deliver the efficiency of permanent magnet motors without using rare earth metals.
  • The technology aims to address concerns around cost volatility, supply-chain constraints, and geopolitical dependence on rare earth metals, which are largely refined in China.
  • Vimag Labs' motors are largely software-defined, using advanced electronics and control software to generate magnetic fields electronically inside the motor.
  • The startup is currently focusing on commercialisation for two- and three-wheeler electric vehicles, while also working on industrial and defence use cases.
  • Its technology is undergoing real-world vehicle testing and has reached technology readiness level 7.
  • The startup has already begun commercialising parts of its electronics stack and is working with multiple large original equipment manufacturers (OEMs) in India and overseas.

The bigger picture

  • The need for rare earth metals in permanent magnet motors has led to cost volatility and supply chain constraints, especially with China's export restrictions.
  • Vimag Labs' magnet-free architecture allows for cost stabilisation and better motor performance without relying on rare earth materials.
  • The startup's solution is designed as a plug-and-play, drop-in system for automakers, requiring no major changes to existing manufacturing lines or vehicle platforms.

About the business

  • Vimag Labs develops magnet-free electric motor and control systems that deliver the efficiency of permanent magnet motors without using rare earth metals.
  • The technology is designed for use in electric vehicles (EVs), industrial machines, HVAC systems, refrigeration, and defence applications.
  • The startup's motors are largely software-defined, using advanced electronics and control software to generate magnetic fields electronically inside the motor.
  • The solution is designed as a plug-and-play, drop-in system for automakers, requiring no major changes to existing manufacturing lines or vehicle platforms.
  • The startup is currently focusing on commercialisation for two- and three-wheeler electric vehicles, while also exploring applications in areas such as HVAC, refrigeration, and defence.

What happens next

  • The startup plans to expand its engineering and manufacturing capabilities using the funds.
  • It will formulate go-to-market strategies for its products across the automotive, defense, and industrial sectors.

The deal

Type
funding

Investors

  • Accel (lead) — A venture capital firm investing in early-stage technology startups.
  • Chakra Growth Fund (participated)
  • Thinkuvate (participated)

Founders

  • Manish Seth, Founder and CEO
  • Dr. Piyush Desai, Founder

About Vimag Labs

Product
Software-defined, wirelessly excited electric motors engineered to function without rare-earth permanent magnets.
Customers
Electric vehicle manufacturers, original equipment manufacturers (OEMs), and industrial motor makers.
How it makes money
B2B hardware sales and intellectual property licensing of patented motor platforms to automotive OEMs.
What sets it apart
Patented wireless excitation architecture and virtual magnet control software bypassing neodymium rare-earth supply chains.
Operations
R&D and motor prototyping based in Bengaluru.

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