Viridian Ingni raises ₹1.47 crore for electric propulsion systems

Viridian Ingni Propulsion has raised ₹1.47 crore in a pre-seed round led by Inflection Point Ventures, ETEntrepreneur reported on October 29. The Chennai startup has separately received ₹53.75 lakh in grants from government programmes and other institutions. The grants are not part of the ₹1.47 crore equity round. Founded in February 2024 by Sriram G and operating from IIT Madras Research Park, Viridian designs and validates motors, controllers and firmware in-house. It is developing rare-earth-free ferrite PMa-SynRM motors for applications including light vehicles, compressors and pumps, alongside rare-earth permanent-magnet motors for drones, robots and other power-dense uses. Not every product is rare-earth-free. The money will fund tooling, a pilot production line, certification and homologation, firmware validation, hiring and working capital. The company remains pre-revenue as it moves from validated prototypes towards pilot production. Letters of intent covering 350 motors are not completed deliveries or booked revenue.

DTT summary based on ETEntrepreneur's report. The full article is on the publisher's site.