iGowise allocates INR 100 crores for R&D over next three years
This investment aligns with the National Deep Technology Startup Policy (NDTSP), aiming to establish India as a global deep tech leader. Funding will come from internal resources, angel investors, and government grants.
Press Release, 5 December 2024
iGoWise Mobility (iGo) is investing INR 100 crores (INR 1 billion) in research and development (R&D) over the next three years, significantly boosting India’s current 0.65% GDP allocation for R&D (compared to China’s 2.65%). This investment aligns with the National Deep Technology Startup Policy (NDTSP), aiming to establish India as a global deep tech leader. Funding will come from internal resources, angel investors, and government grants.
This substantial investment will support several key projects, including upgrades to the world’s first twin-wheeled, Level 5 self-balancing motorcycle, and the development of an AI-powered autonomous guidance system for light electric vehicles (EVs) to improve urban mobility. Further R&D will focus on anti-topple tilting, Level 2 self-balancing technologies, and regulatory approvals for the world’s first road-legal high-speed trikes. This commitment complements the government’s INR 9000 crore investment in critical EV components, with iGo planning to double its R&D spending annually.
iGo, which has already secured INR 8 crore in funding (INR 3 crore bootstrapped and INR 5 crore from investors including AIC-ISB, 888VC, Invstt Trust, and numerous angel investors), currently holds 12 patents. The company aims to accelerate innovation through collaboration with internal and external experts, strengthening its Indian intellectual property portfolio and focusing on future advancements such as Level 5 self-balancing tilting trikes, Level 3 auto-summoning light EVs, Featherlite ultra-strong space-frame bodies, and all-wheel-drive light EVs with all-terrain active suspension. Ultimately, iGo seeks to redefine global mobility through innovation originating in India.
