Revos, a mobility platform has raised an investment of $4 million in series A from Union Square Ventures & Prime Venture Partners. Revos will use the funds to expand its EV charging network and Smart EV platform for two- and three-wheelers.
In the next three years, the company is planning to expand its charging network to 1 million chargers in 500 cities across India and other emerging markets and to power several million two and three-wheeler EVs. The startup will also hire aggressively across all business functions in the next few months., while broader Asian markets were muted on growing concerns over the Chinese economy.
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"By making it simple and ubiquitous, we want to do for the EV industry what the PCO box did for the telecom industry a few years ago. Revos is not only creating the largest charging infrastructure to support EVs but also building a world class OS to make EVs smart, safe, connected and ready for the future," said Jyotiranjan, co-founder, Revos.
Founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Revos stands for Revolutionary EV Operating Stack which is an AI-integrated IoT platform to make EVs smart, safe and connected.
Pegged as the ‘Android for EVs’, the platform allows EV manufacturers to build smart mobility features on top of the software developed by Revos. Since its launch in 2019, Revos has been deployed in 10,000 devices (EVs + chargers) in 30 OEMs (original equipment manufacturers) across India, China, Vietnam, Nepal and Egypt. The company is planning to launch soon in Europe and other parts of SE Asia.
"This fundraiser is a very important step in our journey. We are focused democratizing the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network. We believe this will be key to large scale adoption of EVs in the future," said Mohit Yadav, co-founder, Revos, adding that the company's stack currently supports various components of an EV made by different manufacturers. Revos envisions a future where all these components can be swapped for others just as easily without worrying about the underlying complexity of integrating them.