Fabric and subsidiary Intellicar raise $13.5 Mn in Series A funding from Nuveen

Entrackr · 15h

Fabric and its subsidiary Intellicar have raised $13.5 million in a Series A funding round led by Nuveen. This is the fifth investment on behalf of Nuveen’s second climate inclusion strategy, which recently announced similar partnerships with CleanPlanet, Longevity Partners, and Onepak. The fresh funding will be used to scale its cutting-edge data and energy solutions. Co-founded in 2022 by Karan Makhija and Shunmuga Krishnan Senthil Arumugam, Fabric and its subsidiary Intellicar build cutting-edge technologies that empower the EV ecosystem to manage energy and data seamlessly. With over 300,000 connected EV assets, Intellicar leads in EV IoT and data solutions, while Fabric expands its energy and AI portfolio. Fabric says that its integrated approach unlocks new efficiencies for EV businesses at scale. It aims to continue to deepen its role in addressing the evolving needs of data and energy markets, with its rapidly deployable data and energy stack being a crucial part of driving the widespread adoption of EVs. According to market research, road transport currently accounts for 12% of India’s energy-related CO2 emissions. The Bengaluru-based company delivers data solutions for the EV and automotive industry through Intellicar, which currently serves over 300,000 EVs, enabling the adoption of technology across the entire EV value chain. The company aspires to enable individuals and businesses to embrace sustainable transportation and contribute to a cleaner, more energy-independent India.