Viridian Ingni Propulsion Funding: Raises ₹1.47 Crore in Pre-Seed Led by IPV
- Viridian Ingni Propulsion raised ₹1.47 crore in a pre-seed round led by Inflection Point Ventures.
- The startup has also received ₹53.75 lakh in grants from SIPCOT, MeitY Startup Hub, NIDHI PRAYAS, IIT Madras Research Park’s RTBI programme and Cummins CSR.
- Funds will support pilot production, manufacturing tooling, ARAI/ICAT certification, firmware validation, hiring and initial customer deliveries.
Chennai-based deeptech startup Viridian Ingni Propulsion has raised ₹1.47 crore in a pre-seed funding round led by Inflection Point Ventures (IPV).
The company has also received ₹53.75 lakh in grants from SIPCOT, MeitY Startup Hub, NIDHI PRAYAS, IIT Madras Research Park’s RTBI programme and Cummins CSR.
The funding will support the company’s transition from validated prototypes to pilot production. Viridian plans to invest in motor-stamping tools and dies, a pilot production line and manufacturing facility, ARAI and ICAT certification and homologation, motor-controller firmware validation, engineering and business hires, and working capital for initial customer deliveries.
About Viridian Ingni Propulsion
Founded in February 2024 by Sriram G, Viridian develops electric propulsion systems comprising motors, controllers and firmware. The company designs and validates these components in-house for applications across electric vehicles, drones, robotics and industrial machinery. It operates from IIT Madras Research Park in Chennai and is currently at the pre-revenue stage.
Viridian develops different motor technologies depending on the application. Its rare-earth-free ferrite permanent magnet-assisted synchronous reluctance (PMa-SynRM) motors are designed for applications including electric rickshaws, two-wheelers, HVAC systems, compressors and solar pumps.
The company also develops permanent magnet synchronous motors (PMSMs) using rare-earth magnets for applications where higher power density is required, including drones, collaborative robots, automated guided vehicles and marine equipment.
Viridian says its integrated approach to motor, controller and firmware development allows it to tailor propulsion systems to specific applications. The company also aims to reduce development time and dependence on imported propulsion components and rare-earth magnets.
The startup currently has a five-member engineering team. It has received letters of intent covering 350 motors from two prospective customers, Crop Xplore and Yali Mobility. These LOIs indicate potential customer demand but do not represent completed sales or confirmed deliveries.
Funding to Move From Prototypes to Pilot Production
The new funding will be used to establish the manufacturing capabilities required to move Viridian’s validated prototypes towards commercial production. This includes setting up a pilot production line, acquiring manufacturing tooling and completing the required certification and homologation processes.
The company plans to pursue ARAI and ICAT certification and homologation where applicable, while also validating its motor-controller firmware before initial customer deliveries.