Deep-tech startup Vimag Labs raises $5 Mn led by Accel
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Funding News: Deep Tech Innovator Raises $5 Million
February 1, 2026
Vimag Labs, a deep-tech startup pioneering magnet-free electric motor systems, secured $5 million in a funding round led by Accel, with contributions from Chakra Growth Fund and Thinkuvate.
The capital will accelerate the commercialization of its patented Virtual Magnet Synchronous Motor platform and expand engineering and manufacturing operations.
Founded in September 2025 by Manish Seth and Piyush Desai, the Bengaluru-based company designs rare-earth-metal-free motors for electric vehicles (EVs), industrial machinery, and HVAC systems. Its software-defined technology electronically generates magnetic fields, delivering high efficiency without the cost volatility and supply-chain risks associated with traditional magnet-dependent motors.
Currently focused on two- and three-wheeler EVs, Vimag Labs’ motors are undergoing real-world testing (Technology Readiness Level 7) and are marketed as plug-and-play solutions requiring minimal adjustments to existing vehicle platforms. The startup has also begun deploying components of its electronics stack and collaborates with global original equipment manufacturers (OEMs) across automotive, industrial, and defense sectors.
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