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Deep-tech startup Vimag Labs has raised $5 million in a funding round led by Accel along with participation from Chakra Growth Fund and Thinkuvate.
What it does: Vimag Labs makes electric motors without rare earth metals. Instead of using expensive magnets, their motors create magnetic fields electronically using software and advanced electronics. This makes the motors cheaper, more efficient, and easier to produce.
Right now, they are focusing on two- and three-wheeler EVs, but their motors can also be used in industrial machines, HVAC systems, and defence.
The why: the funds will be used to speed up the commercial launch of Vimag Labs’ patented virtual magnet motor and to grow its engineering and manufacturing capabilities.
For automakers, the motor is a plug-and-play system that can be added to vehicles without major changes to existing production lines.
