Optimized Eletcrotech Raises $1.8 Mn In Pre-Series A Round From Venture Catalysts
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Defence technology start-up Optimized Electrotech (OEPL), on Monday, announced to have raised $1.8 million in pre-Series A funding round led by Mumbai-based integrated incubator has Venture Catalysts. The funding round also saw participation from OEPL’s existing investor GVFL and other angel investors.
Funds would be utilized to design new-age surveillance systems, product innovations, and build more prototypes to be used in the railway sector and smart city and intelligent border projects with a market potential of $7.3 billion.
"Our investment vision aligns with that of Prime Minister Narendra Modi's idea to make India self-reliant or Atmanirbhar in the defence sector. We expect more start-ups to use technology to strengthen the country's safety and security amidst growing threats and skirmishes on the borders. Optimized Electrotech has an immense potential to emerge as a major player in the segment," said Dr Apoorva Ranjan Sharma, founder, and managing director, Venture Catalysts,
Founded in 2017 by Sandeep Shah, Anil Yekkala, Dharin Shah, Kuldeep Saxena, and Purvi Shah, this Ahmedabad-based defence tech start-up produces indigenously designed, developed, and manufactured surveillance systems for security forces, national assets, as well as defence and aerospace companies.
"Our mission is to provide accurate, actionable, and real-time insights about your surroundings through our platforms. By 2030, Optimized Electrotech shall be amongst the global leaders in all Imaging Surveillance applications under its platforms across land, sea, air, and space. Our vision is to be the global leader in Surveillance systems, in the process of making India self-reliant in its defence needs. At present, India imports 55 per cent of its defence needs, but soon it will be a market dominated by indigenous products due to a favorable government policy," stated Sandeep Shah, co-founder, chairman, and managing director, Optimized Electrotech.
With over 100 person-years of experience and 32 patents, the co-founding team is from IIT, IISc, ISI, or IIM and has worked with leading electronics, space, and defence companies in India and abroad. OEPL has served Indian Railways and the Indian Army for Perimeter surveillance, the platform shared.
“The funds would be utilized to design new-age surveillance systems, product innovations, and build more prototypes to be used in the railway sector and smart city and intelligent border projects with a market potential of $7.3 billion,” Shah further added.
"Surveillance is necessary for peace whether for organizations or nations. The need is increasing due to rogue forces getting inexpensive hands-on weapons across the world, and the typical surveillance systems have the observing person as to its weakest link. Therefore, most systems are used for post-facto evidence collection instead of prevention of act. This provides a great opportunity for Optimized Electrotech as smart cities and smart borders are on the lookout for advanced infrastructure now than ever before," Shah remarked.
He also said that the Indian government had allocated a total of 1.35 lakh crore in the Defence Budget-2021 towards capital expenditure, including purchasing new weapons, aircraft, warships, and other military hardware showing an increase in demand for defence equipment and a market opportunity for the OEPL.