Bengaluru-based deeptech startup Chara has raised $4.75 million (about Rs 38.8Cr) in a pre-Series A funding round led by Exfinity Venture Partners, with participation from Vietnam-based Big Capital, Log9 Materials, and existing investors Kalaari Capital and ciie.co.
The startup plans to use the raised capital for team expansion, international business development, and initial investment to manufacture and deploy developed motors/controllers.
Founded in November 2019 by Bhaktha Keshavachar, Ravi Prasad Sharma, and Mahalingam Koushik, Chara said it is building a scalable, cloud-controlled, and rare-earth free platform for designing, building, and deploying electric motors for EV, HVAC and various other applications.
Chara’s proprietary Drive Control FIrmware (DCF) is a suite of packages consisting of advanced motor control algorithms at its core. The state-of-the-art motor control algorithms are developed to extract maximum performance from in-house designed Chara Motors. Using Model-Based Design (MBD), DCF gives peak motor performance while ensuring optimum efficiency, thermal management and smooth, ripple-free torque delivery, the startup said.
The motors will be based on a specialized patent-pending variation of the well-known SRM (Switched Reluctance Motor) and SynRM technologies and other magnet-free motor technologies. These ‘Make in India’ motors are currently being field-tested and will be in production in the second half of 2023, it said.
Commenting on the investment, Bhaktha Keshavachar, Founder & CEO of Chara Technologies, said, “At Chara, we pride ourselves in being disruptors and 2023 is going to be a year of realizing our electric dreams. We’re working towards turning the current motor tech on its head, doing away with inefficient and rare-earth-dependent practices.We are building rare-earth-free, hyper-efficient, cost-effective, intelligent motors and controllers for EV, HVAC, and other industries. We are very excited to work with Exfinity, BigCapital, Log9, Kalaari, and CIIE to bring cutting-edge technology to OEMs in India and in the future to the world.”