e-con Systems, an embedded vision products and solutions company, has secured more than Rs 100 crore ($13 million) in funding from GR 2022 Holdings Inc., headed by Radhakrishnan Gurusamy, to expand its operations in the US and other countries.
The company plans to use the capital towards its growth, including investing in building contemporary and state-of-the-art facilities for imaging, autonomous mobile robots, autonomous shopping, and a cellular and molecular imaging core laboratory.
The funding is also expected to speed up its growth in the market, as it aims to increase its revenue threefold in the next four years, the company said in a statement.
EY acted as the exclusive advisor for e-con Systems on the transaction.
According to Karthik H., Partner at EY, operating at the intersection of AI and embedded vision, e-con Systems invested in the segment ahead of the curve and is now witnessing rapid growth with machines across industries becoming smarter and more autonomous.
“Continued investment in R&D (research and development) keeps them ahead of the pack,” he added.
e-con Systems was founded in 2003 by Ashok Babu Kunjukkannan and Maharajan Veerabahu.
Till date, the company has built 300 product solutions and shipped over 2 million cameras across more than 90 countries around the globe.
Its products are used across industries like retail, medical, industrial, agriculture, and smart cities, among others.
e-con Systems partners with key sensor makers like Sony, Onsemi, and Omnivision, lens makers like Commonlands and Corning, and ISP partners like NVIDIA and Socionext. It also collaborates with host platform providers like NVIDIA, NXP, Qualcomm, and others.