CoreEL Technologies Raises USD 30 Mn Series B Funding The Bengaluru-based company said the round was led by ValueQuest Scale Fund, with participation from existing investor 360 ONE Asset.
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CoreEL Technologies, an aerospace and defence electronics company, announced that it has raised USD 30 million in a Series B funding round, highlighting continued private investment interest in India's strategic manufacturing sector.
The Bengaluru-based company said the round was led by ValueQuest Scale Fund, with participation from existing investor 360 ONE Asset.
The funding comes soon after CoreEL completed the acquisition of the aerospace and defence systems division of Lekha Wireless. The acquisition expanded CoreEL's communication systems portfolio by adding wireless communication technologies, indigenous intellectual property, and specialised engineering talent. The company said this has strengthened its position in military communications, also known as the MILCOM segment.
According to CoreEL, the fresh capital will be used to scale up manufacturing capacity, strengthen research and development, and advance product engineering. The funds will also support participation in large and complex aerospace and defence programmes in India as well as overseas.
Founded in 1999, CoreEL designs, develops, and manufactures advanced electronic systems and sub systems for strategic applications. Its work spans radar, electronic warfare, avionics, and military communications. Over the years, the company has delivered several high end electronic system level products and solutions to both strategic and commercial customers.
CoreEL's customers include the Defence Research and Development Organisation, defence public sector undertakings, and the Ministry of Defence.
The company said its products have been deployed across next generation avionics, radars, missiles, electronic warfare systems, military communications, and sonar platforms. It aims to continue developing advanced electronic systems for India's strategic aerospace and defence programmes in the coming years and related platforms.
