Velmenni Secures $3.42 Million in Pre-Series A Funding Led by pi Ventures

Velmenni Raises $3.42 Million in Pre-Series A Funding

Velmenni, a company specializing in wireless communication technology, has successfully raised $3.42 million (₹30 crore) in a Pre-Series A funding round. The round was led by pi Ventures, with participation from MountTech Growth Fund-Kavachh and Apekso.

Company Background

Founded by Deepak Solanki and Nikhil Bhulabhai, Velmenni is known for its innovative work in Li-Fi technology, which promises to revolutionize wireless communication by using light to transmit data. This approach offers the potential for faster and more secure data transmission compared to traditional Wi-Fi.

Investment Details

The latest funding round was led by pi Ventures, a firm known for backing deep-tech startups. Other investors include MountTech Growth Fund-Kavachh and Apekso, demonstrating strong interest from a range of investors in Velmenni's unique technology.

Comments from the Founders

Deepak Solanki, Founder and CEO of Velmenni, expressed his optimism about the future of the company with this new influx of capital. "This funding will enable us to accelerate the development and deployment of our technology," he said. Co-Founder Nikhil Bhulabhai added, "We are excited to work with our new investors to bring the benefits of Li-Fi to a wider audience."

Strategic Use of Funds

Velmenni plans to utilize the funds to enhance its product offerings and expand its market presence. The company is expected to focus on R&D efforts to refine its Li-Fi technology, aiming to make it more accessible for commercial use. Additionally, part of the investment will be directed towards scaling operations and exploring new market opportunities.

Future Outlook

With this new funding, Velmenni is well-positioned to expand its influence in the wireless communication sector. The backing from pi Ventures and other investors underscores the potential impact of Velmenni's technology in creating faster and more reliable communication networks. As the company continues to innovate, it aims to establish itself as a leader in the growing field of Li-Fi technology.