e-con Systems raises Rs 100 crore from GR22 Holdings for overseas expansion

Embedded vision technology firm e-con Systems has secured Rs 100 crore investment from GR22 Holdings for expansion of business overseas, the company said on Monday

Press Trust of India New Delhi
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Embedded vision technology firm e-con Systems has secured Rs 100 crore investment from GR22 Holdings for expansion of business overseas, the company said on Monday.

The company aims to consolidate its position as a world leader in embedded vision products and solutions and increase its revenue three-fold in the next four years to around Rs 800 crore (USD 100 million) and go for public listing, e-con Systems, Co-Founder & Vice President, Hari Shankkar said.

"We have received equity investment of Rs 100 crore from GR22 Holdings. We have a presence overseas but with this funding we will be scaling up our offices in the US, Europe, Japan and South Korea," Shankkar said.

He said the fund will be utilized for e-con System's growth plans, including investment in building facilities for imaging, autonomous mobile robots, autonomous shopping, and cellular and molecular imaging core laboratory.

"We will hire local talents overseas. At present we have around 550 people and by the time we go for IPO after four years, we will have a team of at least 1,000 people," Shankkar said.

He said that the company will also invest significantly in research and development.

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"e-con Systems is a company with an amazing team of engineers and products that are used by leading companies worldwide. The company has a strong culture of innovation that has enabled them to be at the forefront of the latest cutting-edge technology," GR 2022 Holdings Inc, Founder, Radhakrishnan Gurusamy said.

e-con Systems partners with key sensor makers like Sony, Onsemi, and Omnivision, and 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.

The funding will help the company to speed up and boost its growth in the embedded vision market.

"With the support of our talented team of engineers and our unwavering commitment to excellence, we are confident in our ability to maintain our position as a leading global provider of embedded vision products and solutions," e-con Systems, Co-Founder and President, Ashok Babu Kunjukkannan said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: May 15 2023 | 2:47 PM IST

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