Representational image for investment.
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Bengaluru: Bengaluru-headquartered CoreEL Technologies India Private Limited (CoreEL), a Systems Engineering and Technology Solutions company, has raised $30 million in Series B funding.
The round had a majority inflow from ValueQuest Scale Fund and was supported by 360 One Asset, an early institutional backer of CoreEL.
"The Series B funding marks a significant milestone for CoreEL, validating its R&D-driven business model focused on developing innovative electronics products for fast-growing market segments. This funding will further accelerate the company’s growth journey, both in terms of revenue expansion and an enhanced commitment to R&D to ensure long-term, sustainable growth," the company said.
The capital will be deployed across multiple initiatives, including scaling manufacturing capacity, strengthening research and development, advancing product engineering and supporting participation in large and complex aerospace and defence programmes in India and overseas.
CoreEL designs, develops and manufactures advanced electronic systems and sub-system-level products for strategic applications in the Radar, Electronic Warfare, Avionics Milcom sectors.
The company has delivered several critical high-end electronic system-level products and solutions to both strategic and commercial sets of customers. CoreEL customers include DRDO, Defence Public Sector companies and MOD.
CoreEL Technologies MD Vishwanath Padur said, “CoreEL has established itself as a world-class electronic systems and product development company, delivering complex, mission-critical solutions to our Armed Forces through DRDO and defence PSUs. We continue to develop some of the most advanced electronic systems for strategic aerospace and defence programs. This Series B funding reflects strong investor confidence in our long-term strategy, engineering depth and execution capability.”
The funding follows the company's recent acquisition of the Aerospace and Defence Systems division of Lekha Wireless, which expanded its communication systems portfolio.
The acquisition added wireless communication technologies, indigenous intellectual property and specialised engineering talent.