CoreEL Technologies Secures $30 Million in Funding for Aerospace and Defence Expansion
CoreEL Technologies, known for delivering advanced electronic system and sub-system level products for the aerospace and defence sectors, has successfully raised $30 million in a Series B funding round led by ValueQuest Scale Fund. This round also saw contributions from current investor 360 ONE Asset.
Significant Acquisition of Lekha Wireless
The recent funding follows CoreEL’s acquisition of the aerospace and defence systems division of Lekha Wireless, a move that considerably enhances its portfolio in communication systems. This acquisition brought in established wireless communication technologies, home-grown intellectual property, and expert engineering talent, thereby bolstering CoreEL’s capabilities in the military communications domain.
Utilisation of Funding
CoreEL Technologies has stated that the funds will be directed toward increasing manufacturing capabilities, enhancing research and development, improving product engineering, and facilitating participation in expansive and intricate aerospace and defence projects both locally and internationally.
CoreEL’s Product Offerings
The company specialises in designing, developing, and manufacturing sophisticated electronic system and sub-system level products aimed at strategic applications in areas such as radar, electronic warfare, avionics, and military communications. CoreEL has provided numerous essential high-end electronic solutions to both strategic and commercial clients, including the Defence Research and Development Organisation (DRDO), various defence public sector companies, and the Ministry of Defence (MoD).
Advanced Deployments in India
According to the Bengaluru-based entity, its offerings have been utilised in India’s next-generation avionics, radar systems, missiles, electronic warfare applications, military communications, and sonar technologies. CoreEL Technologies is focused on creating some of the most advanced electronic systems for pivotal aerospace and defence initiatives.
About 360 ONE Asset
360 ONE Asset oversees an overall asset under management (AUM) in listed markets and alternatives exceeding $10 billion across a variety of asset classes, including a private markets AUM of $5 billion. The firm’s venture capital and private equity platform manages an AUM of approximately $3.3 billion, supporting 89 portfolio companies.