May 29, 2023

News Stories from the Digital World

e-con Systems secures $13 million funding for global expansion

e-con Systems, an embedded vision company in the US, has secured $13 million in funding for expanding its operations in the US and other countries. The investment comes from GR 2022 Holdings, headed by Radhakrishnan Gurusamy.

The funding will be utilized for e-con System’s growth plans, including investment in building contemporary and state-of-the-art facilities for imaging, autonomous mobile robots, autonomous shopping, and cellular and molecular imaging core laboratory.

e-con Systems has designed and developed cameras for over 300 customer products and shipped more than 2 million cameras worldwide.

Its key markets include autonomous mobile robots, autonomous agriculture and smart farming, smart traffic, life sciences, point-of-care, fundus camera, autonomous shopping, and sports broadcasting and analytics.

The company aims to consolidate its position as a world leader in embedded vision products and solutions and increase its revenue threefold in the next four years. The funding will help the company to speed up and boost its growth in the embedded vision market.

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. e-con Systems offers a complete imaging system for end customers along with production-ready software.

Ashok Babu Kunjukkannan, co-founder and president of e-con Systems, says: “We are pleased to announce our recent funding from GR22 Holdings, which will significantly enhance our growth trajectory and bolster our ability to drive innovation in the embedded vision market.

“We are committed to harnessing the power of cutting-edge technology to enable machines to perceive and comprehend the world around them.

“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.”

Harishankkar Subramanyam, co-founder and VP business development of e-con Systems, says: “As a specialist in camera solutions, we are delighted to receive this funding from GR22 Holdings. This investment will enable us to expand our business development efforts in key markets across the globe, including the US, Europe, Japan, and Korea.

“With our innovative work in the field of embedded vision and our strong relationships with leading sensor makers and platform providers, we are well-positioned to capitalize on the growth potential in this market and deliver unparalleled value to our customers.”

Speaking about the funding, Mr. Radhakrishnan Gurusamy of GR 2022 Holdings, says: “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.

“Market tailwinds supporting the applications of AI and automation to hardware products and rapid growth of embedded vision, e-con Systems is well poised for exponential growth in the coming future.”

e-con Systems has seen an increase in the number of customers over the last two years, with more than 100 customers as of the latest financial year.

The company is open to the idea of acquiring the right-fit companies during the next 3-5 years to accelerate its growth.

e-con Systems’ employees have benefited from ESOPS, and more ESOPS will be rolled out after the investment. The company will continue to hire high-quality talent to capture the significant market opportunity.

EY acted as the exclusive advisor for e-con Systems on the transaction.

Karthik H, partner at EY, who acted as the exclusive advisor for the transaction, had this to say about e-con Systems and their success: “Econ Systems has a great team that is passionate about embedded vision cameras.

“Operating at the intersection of AI and Embedded Vision, they invested in the segment ahead of the curve and are now witnessing rapid growth with machines across industries becoming smarter and autonomous.

“Continued investment in R&D keeps them ahead of the pack and the funding will enable them to build on their leadership position in the segment.”