SEDEMAC Mechatronics Pvt Ltd (SEDEMAC), a company focussed on innovative mechatronic products for small engines and powertrains, announced that it has raised its second round of funding from India Innovation Fund (IIF) and Nexus Venture Partners. IIF is making a fresh investment in Sedemac with participation from earlier investor Nexus Venture Partners.
Rajesh Rai, CEO, India Innovation Fund, says, “We are excited to support SEDEMAC’s mission to build a reputed, technology driven company from India. The SEDEMAC team has provided large companies across industries with robust, innovative products to enable better fuel and power efficiency. We believe that the company can grow to be a significant player in its space. We look forward to helping and being part of SEDEMAC’s growth story.”
Speaking on the follow on participation from Nexus, Sandeep Singhal, Co-founder & MD, says, “SEDEMAC has made tremendous progress from the time of our original investment and is working with leading small engine manufacturers in India. IIF’s involvement and the additional capital will help the company grow even faster and expand to new applications”.
SEDEMAC currently offers unique products, to leading OEMs in the off-highway and 2/3 wheeler industries, that deliver best in-class power quality and/or fuel efficiency & emissions performance. Founded by Prof. Shashikanth Suryanarayanan (PhD: University of California, Berkeley), an entrepreneurial professor and Pushkaraj Panse (MTech: IIT Bombay), the company has grown out of a successful research group at IIT Bombay working on control technology applications. SEDEMAC was incubated at SINE – IIT Bombay’s on-campus incubator.
Prof Suryanarayanan says, “The SEDEMAC team is delighted to partner with the India Innovation Fund in our journey towards building a world-class company. SEDEMAC offers innovative products that address the unique energy & cost efficiency needs of the massive engine/powertrain market in India and other emerging economies. We believe India Innovation Fund’s roots and, in particular, its relationships with the leadership of successful large Indian businesses would help further catalyze our growth.”