Ahmedabad-based Electro-Optics company, Optimized Electrotech Private Limited (OEPL), which makes indigenously designed, developed and manufactured (IDDM) Surveillance systems, has raised an undisclosed amount from GVFL Ltd, a venture capital firm also based out of Ahmedabad, Gujarat.
Raised as part of Series A round, the funds will be used by OEPL to amplify its product upgradation and business development efforts.
Founded in 2017, by Sandeep Shah, an IIM Calcutta alumnus, OEPL builds high-end Electro-Optic surveillance systems for Strategic and Commercial buyers. The company envisages to become a player of reckoning in Homeland security, Defense Intelligence, Surveillance and Reconnaissance & Machine Vision.
Electro Optic is the branch of science that deals with the effect of electric fields on light and on the optical properties of substances.
With a Prototype Development Centre in Bengaluru, Optimized Electrotech has a variety of skilled professionals with experience from government and multinational organisations in the fields of electronics, optics and imaging software.
The startup, which counts ISRO as one of its client, has recently signed a Memorandum of Understanding (MoU) with the Gujarat government during the Vibrant Gujarat Summit 2019, to set up a manufacturing facility in the state.
About GVFL (Gujarat Venture Finance Ltd), it was founded in 1990 at the initiative of World Bank with Government of Gujarat as one of the first Venture capital firms in India. It provides seed financing and early-stage and growth capital to small- and medium-sized companies based in India and so far has managed eight funds, invested in nearly 85 companies and exited nearly 75% with handsome returns to investors.
In its last investment prior to OEPL, GVFL invested in $3.7 million funding round of Sequretek, a cyber security startup, in September last year. Its other investment includes, Formcept, Travelyaari, Vidooly and Mantis Technologies among others.
Source – Business Line
Top Image – Optmized Elctrotech @Facebook