Indian deeptech startup Vimag Labs has raised $5 million in a fresh funding round to accelerate the commercialisation of its magnet-free electric motor technology, a breakthrough that could significantly reduce costs and supply-chain risks in the global electric mobility and industrial motor markets.
The funding round was led by a consortium of early-stage deeptech investors and strategic backers, with participation from existing investors as well as new climate-tech focused funds. While the company did not disclose the valuation, founders said the round gives Vimag Labs a multi-year runway to move from advanced prototyping to large-scale commercial deployment.
