Monday, January 24, 2022

Murugappa Group invests in IITM startup

Chennai: IIT-Madras brooded startup Aerostrovilos Energy has raised around Rs 3.5 crore in a seed round of financing from Tube Investments of India, a Murugappa Group Company. Tube Investments will get a 25% stake in Aerostrovilos for its underlying venture.

Chipping away at creating miniature gas turbines (MGT) with the National Center for Combustion Research (NCCR) at IIT Madras, Aerostrovilos Energy is building a MGT-based powertrain answer for uncompromising trucks and power age at decreased expenses.

The startup will use the assets for the consummation of its answer, model assembling, and a preliminary attempt of MGT-based weighty vehicles.

Tube Investments said in a trade recording that the proposed speculation is in accordance with the organization's goal to put resources into new companies occupied with imaginative examination and item improvement in fields/exercises of revenue.

"Gas turbines have the cleanest emanation levels drained of any residue or particulate matter. At Aerostrovilos Energy, we are focused on settling this issue through negligible emanation turbines," Rohit Grover, CEO of Aerostrovilos Energy, said.

Aerostrovilos' perfect innovation arrangement with lower levels of outflows has enormous scope application, and the financing will uphold item advancement and send off, Nandini Mansinghka, prime supporter and CEO, Mumbai Angels, a current financial backer in the startup said.

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