Fabric unit Intellicar obtained $13.5 million from Nuveen to support their Series A funding round. Nuveen's second climate inclusion strategy approves its fifth such investment and has already partnered with CleanPlanet and Longevity Partners and Onepak in recent times.
The newly acquired funds will enable the company to enhance its data and energy solutions at a bigger scale. Description of funding details comes from Fabric's press announcement.
The founders Shunmuga Krishnan Senthil Arumugam and Karan Makhija launched Fabric and Intellicar as subsidiaries in 2022 to develop advanced technologies which enable seamless management of data and energy by the EV ecosystem. As the leading EV IoT and data solutions provider Intellicar maintains more than 300,000 connected EV assets alongside Fabric’s expansion of its energy and AI portfolio.
Fabric has developed an integrated system which creates optimized operational effectiveness for EV companies that function at broad scale. The organization plans to expand its position as it identifies emerging requirements of data and energy markets. The swiftly deployable data and energy stack constitutes a fundamental element in the solution for boosting EV market adoption.
The Total Energy-Related CO2 emissions in India stem from road transport at a rate of 12%.
A Bengaluru-based company provides data solutions through Intellicar for the EV and automotive industry which supports the adoption of technology from end to end across 300,000 EVs currently under its service. The company seeks to help people and businesses adopt environmentally conscious transport choices that strengthen energy independence in India.
