MUMBAI: Revos, a mobility platform has raised an investment of $4 million in series A from Union Square Ventures & Prime Venture Partners. Revos will use the funds to expand its EV charging network and Smart EV platform for two- and three-wheelers.
In the next three years, the company is planning to expand its charging network to 1 million chargers in 500 cities across India and other emerging markets and to power several million two and three-wheeler EVs. The startup will also hire aggressively across all business functions in the next few months.
“By making it simple and ubiquitous, we want to do for the EV industry what the PCO box did for the telecom industry a few years ago. Revos is not only creating the largest charging infrastructure to support EVs but also building a world class OS to make EVs smart, safe, connected and ready for the future,” said Jyotiranjan, co-founder, Revos.
Founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Revos stands for Revolutionary EV Operating Stack which is an AI-integrated IoT platform to make EVs smart, safe and connected.
Pegged as the ‘Android for EVs’, the platform allows EV manufacturers to build smart mobility features on top of the software developed by Revos. Since its launch in 2019, Revos has been deployed in 10,000 devices (EVs + chargers) in 30 OEMs (original equipment manufacturers) across India, China, Vietnam, Nepal and Egypt. The company is planning to launch soon in Europe and other parts of SE Asia.
“This fundraiser is a very important step in our journey. We are focused democratizing the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network. We believe this will be key to large scale adoption of EVs in the future,” said Mohit Yadav, co-founder, Revos, adding that the company’s stack currently supports various components of an EV made by different manufacturers. Revos envisions a future where all these components can be swapped for others just as easily without worrying about the underlying complexity of integrating them.
The REVOS platform is modular and customizable that can be easily integrated into any EV. The system enables each component of the EV to communicate with each other with the data being stored into the cloud through a live stream. The data is then aggregated and interpreted through machine learning into useful insights that the EV manufacturers can use to explore new business models, deliver quality service, and improve customer experience.
The platform tracks, monitors and controls motor controller and battery management system. It enables EVs to have connected features like on-bike navigation, diagnostics, smart alerts and anti-theft lock. The platform also comes with a convenient companion bike mobile app that drivers can use to receive smart alerts, send out emergency SOS messages and navigate to the nearest charging station. The platform can be integrated very seamlessly into existing processes and also improves the go-to-market timeline for the manufacturers.
Revos is also piloting Bolt, a peer-to-peer charging infrastructure which will transform the way consumers charge their EVs and will provide the much needed support for EV adoption at scale. Bolt is a Made-in-India EV charging network that consists of an IoT enabled charging point that is compatible with any portable charger that comes with all EVs in India and works with existing AC power supply at home and establishments.
Anyone, and not just the EV owner, can buy and install Bolt to set up a charging point for drivers to use ubiquitously while also generating passive income and expanding the charging network while doing so. Drivers can locate the nearest charging point on the mobile app, scan through the QR code and use the charger on demand and pay per use. No additional infrastructure is required to install Bolt and it requires little to no maintenance. Several hundreds of Bolt chargers are in use in many cities across India and an upgraded version is set to be launched in the coming weeks.
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