California: US – e-con Systems, a leading embedded vision player in the US, has announced securing USD 13M in funding for expanding its operations in the US and other countries. The investment comes from GR 2022 Holdings Inc, headed by Mr. 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 & Smart Farming, Smart Traffic, Life Sciences, Point-of-care, Fundus Camera, Autonomous Shopping, and Sports Broadcasting & 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.
Founded by Ashok Babu Kunjukannan, Harishankkar Subramanyam, and Maharajan Veerabahu in 2003, 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 & President of e-con Systems said“We are pleased to announce our recent funding from GR2022 Holdings Inc, 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 & VP-Business Development of e-con Systems said“As a specialist in camera solutions, we are delighted to receive this funding from GR2022 Holdings Inc. 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 Inc said, “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.”
For more information on e-con Systems, please visit their website at www.e-consystems.com.
About e-con:
Established in 2003, e-con Systems has grown into a leading OEM camera solution provider with a wide global footprint. We provide end-to-end camera solutions like MIPI camera modules, GMSL cameras, FPD Link III cameras, USB 3.1 Gen 1 cameras, GigE cameras, stereo cameras, and more. Over the years, we have reimagined how they are used in industries such as retail, medical, industrial, agriculture, smart city, etc.
We are also powered by a strong partner ecosystem including sensor partners, ISP partners, carrier board partners, etc. This enables us to offer end-to-end vision solutions. So far, we have built 300 product solutions – shipping over 2 million cameras across 90+ countries around the globe.
Website: www.e-consystems.com
About GR2022 :
GR2022 Holdings is a dynamic private equity firm headquartered in the US focusing on growth-oriented technology companies. With assets totalling around $100 million, GR 2022 Holdings invests in and collaborate with entrepreneurs and business groups to drive innovation and growth in the technology sector. GR 2022 is committed to identifying and partnering with the most promising technology startups to help them reach their full potential. One of our notable founders and board members is Radhakrishnan Gurusamy, a renowned American-Indian entrepreneur, philanthropist, and investor. Radhakrishnan Gurusamy founded Apexon, a leading digital engineering firm that helps Fortune 1000 companies accelerate their digital engineering businesses. He has also invested in numerous healthcare and life sciences technology startups, leveraging his expertise to help these companies succeed. Radhakrishnan Gurusamy’s entrepreneurial prowess and dedication to innovation have been recognised by Ernst and Young, who named him the Entrepreneur of the Year in 2019.
