Vimag Labs raises $5 million in Accel-led Series A round

Vimag Labs, a Bengaluru-based developer of electric motor and power electronics solutions, has raised $5 million in a Series A funding round led by Accel, with participation from Chakra Growth Fund and Thinkuvate.

According to the company, the funding will be used to support commercialization of its Virtual Magnet Synchronous motor platform, expand engineering and manufacturing capabilities, and support go-to-market activities across automotive, defense, and industrial sectors.

Vimag Labs has developed a patented magnet-free “Virtual Magnet” motor architecture, supported by power electronics and control algorithms. Vimag Labs says the technology is aimed at addressing factors such as cost, supply chain availability, and sustainability.

Founded by Manish Seth and Dr. Piyush Desai, Vimag Labs is developing electric motor technology for industrial and automotive applications. Seth has 20+ years of experience in EV technology and automotive product development, while Desai has 30+ years in electric motor and drive systems and holds 50+ patents.

Commenting on the fundraise, Manish Seth, Founder & CEO, Vimag Labs said, “This funding validates our conviction that Virtual Magnet motor architecture represents a fundamental shift in how the industry addresses electrification at scale. We’re not optimizing around legacy constraints, we’re eliminating them. We’re positioned to establish Virtual Magnet technology as the foundational platform for next generation mobility, industrial and Defense systems.”

Barath Subramanian, Partner, Accel said, “Vimag Labs is creating a fundamentally new electric motor and controls platform as electrification begins to confront real constraints around cost, materials, and supply chain resilience. Their magnet free architecture, combined with deep integration of power electronics and control software, positions the company to redefine how electric drivetrains are designed and scaled across automotive, defense, and industrial markets. We are excited to partner with the team as they build a globally relevant platform for the next phase of electrification.”

Vimag Labs operates under the Volektra brand and said it is focused on global development and commercialization of its Virtual Magnet technology. The company is headquartered in Bengaluru and has operations and development centers in Germany, the US, and Poland.

Also read: Volektra and Jendamark sign MoU to manufacture magnet-free EV motors