Two startups from very different corners of technology have announced new funding moves. AuxoAI is expanding its enterprise AI delivery model after raising $20.7 million in Series A funding. Meanwhile, Konwert India Motors has secured a pre-Series A round from The Chennai Angels to grow its electric-vehicle retrofit business.

One is focused on helping large companies put AI into daily operations. The other wants to help auto-rickshaw owners switch from petrol, CNG or LPG to electric power without buying an entirely new vehicle.

AuxoAI raises $20.7 million for enterprise AI expansion

AuxoAI was founded in 2023 by Amaresh Tripathy, Arvinder Pal Singh and Kabir Singh. The company has raised $20.7 million in a Series A round led by NTTVC, a Silicon Valley venture capital firm backed by NTT.

The startup works with large companies to build AI systems that are useful in real business settings. Rather than only selling software, AuxoAI sends strategists and engineers to work closely with a client’s team. This helps the company understand how work is actually done before developing an AI solution.

For example, a manufacturer may want to reduce delays in its supply chain, while a telecom company may want faster customer support. AuxoAI’s approach is to study the process, build the required system and help the company use it in production.

The new money will be used to expand its global team of AI specialists, invest in its own technology and grow its partnerships. AuxoAI says it has already worked with more than 40 clients in industries including manufacturing, consumer goods, healthcare and telecom as per its Press release.

AuxoAI operates in a competitive enterprise AI market that includes large consulting firms, cloud companies and AI implementation startups. Its key challenge will be proving that its solutions create measurable business value after the initial AI excitement fades.

Konwert India Motors gets pre-Series A funding for EV retrofits

Coimbatore-based Konwert India Motors has raised a pre-Series A round led by The Chennai Angels. Existing investors Campus Angels Network, Keiretsu Forum Chennai and Native Angel Network also participated. The company did not disclose the size of the funding round.

Konwert India Motors was founded in 2019 by Nickendra Manikandan. It develops electric powertrains that can convert petrol, CNG and LPG auto-rickshaws into electric vehicles.

This retrofit model can be important for drivers who cannot afford a new electric three-wheeler. Instead of replacing the vehicle, the driver can convert the auto-rickshaw already in use. Konwert says its process can complete a conversion in about 90 minutes reported The Print.

The startup plans to use the fresh funds to grow sales, add more products and enter new markets in India and overseas. It is also developing retrofit options for light commercial vehicles.

Why EV retrofits could matter

A retrofit is not the same as buying a new EV. It changes an existing vehicle’s power system so that it can run on electricity. For an auto-rickshaw driver, the possible benefit is lower running cost while continuing to use a familiar vehicle.

Konwert says its retrofit costs around half the price of a new electric auto-rickshaw. The company also works with myTVS service locations and lending partners to make installation, servicing and financing easier. These are company claims, so actual costs and savings may differ depending on the vehicle, city and driving pattern.

Konwert will compete with electric three-wheeler makers, retrofit-kit providers and battery-leasing companies. Its advantage may lie in making EV adoption more affordable for existing drivers.