Deep-tech startup Vimag Labs raises $5 Mn led by Accel

Deep-tech startup Vimag Labs has raised $5 million in a funding round led by Accel along with participation from Chakra Growth Fund and Thinkuvate.

The proceeds will be allocated to accelerate commercialisation of its patented platform, the virtual magnet synchronous motor platform and expand engineering and manufacturing capabilities, Vimag Labs said in a press release.

Co-founded in Sept. 2025 by Manish Seth and Piyush Desai, Vimag Labs is a deeptech startup developing innovative, magnet-free electric motor technology to reduce reliance on rare earth metals. It aims to provide high-efficiency electric motors (for EVs, industrial machines, HVAC) without using rare earth metals, addressing cost volatility and supply-chain constraints.

According to the Bengaluru-based startup, its motors are largely software-defined. Using advanced electronics and control software, it generates magnetic fields inside the motor electronically. This allows it to get all the benefits of magnet-based motors without the drawbacks. The startup is currently focussing on two- and three-wheeler EVs for commercialisation. Industrial applications such as HVAC, refrigeration, and defence are other use cases for its motors.

Vimag Labs said that its technology is undergoing real-world vehicle testing and is at technology readiness level (TRL) 7. It has already begun commercialising parts of its electronics stack and is working with multiple large original equipment manufacturers (OEMs) in India and overseas.

For automakers, the solution is designed as a plug-and-play, drop-in system, requiring no major changes to existing manufacturing lines or vehicle platforms.