EV charging start-up Exponent Energy raises $13mn in series A funding

Exponent Energy, an electric vehicle charging start-up, said has raised $13 million in a Series A funding round led by Lightspeed and attended by institutional investors.

Exponent Energy, an electric vehicle charging start-up, said on Wednesday it has raised $13 million in a Series A funding round led by Lightspeed and attended by institutional investors YourNest VC, 3one4 Capital and AdvantEdge VC.

The company will use the money to expand its charging network in Bengaluru and other cities and streamline production. “The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing and so we are delighted to partner with Exponent to simplify energy for EVs,” said Harsha Kumar, partner at Lightspeed.

"Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence…This funding now allows us to execute even faster and make 15-min rapid charging the new normal,” said Arun Vinayak, co-founder and chief executive officer of Exponent Energy

Exponent Energy earlier in August partnered with Altigreen to set up charging stations for electric commercial vehicles in India. Exponent said it will unveil the world’s fastest charging electric three-wheeler that charges from 0-100% within 15 minutes.