Robert Bosch Engineering and Business Solutions have announced its first venture investment in India in Bengaluru-based startup SimYog Technologies incubated in IISc. IISc-based SimYog has raised ₹ 6.3 Cr in a funding round with participation from early-stage venture capital firm Ideaspring Capital.
“In the automotive sector 20 years ago, the bill of materials was largely mechanical, but now we’re seeing a transition, where a large portion of the cost of the vehicle is in electronic and electrical components,” said Dipanjan Gope, CEO of SimYog to a leading daily.
Further, he added that in electric vehicles, 50-70% of the bill of materials is for electronics, and if we can help a company like Bosch reduce the number of prototypes in developing these components, it will greatly reduce their time to market and costs.
SimYog said it will utilise the funds to expand its product offering. The company will also expand its team from the current 5 to 12 people over the next few years, as it adds more and more customers and products.
SimYog was founded in 2017 by Dipanjan Gope, Anant Devi and Arkaprovo Das is a startup that focuses on providing design and sign-off tools for automotive electronics. The start-up provides deep-learning-based software solutions which allow hardware developers to test electronic components’ resistance to electromagnetic interference in the design stage using data analytics and machine learning. Usually, the auto component makers develop multiple prototypes and test for EMI before mass production.
In 2018, SimYog is one of the 77 start-ups that were selected by the government of Karnataka for Elevate 100 incubation programme.