SUMMARY
- Ultraviolette raised $85 million led by Yali Capital and TDK Ventures, with Lip-Bu Tan investing. Valuation and individual cheque sizes weren’t disclosed.
- The money goes into scaling the F77, X-47, Tesseract and Shockwave, plus next-gen platforms and a US entry targeted for 2027.
- Founders should watch the Hosur factory ramp and Tesseract’s early 2027 launch, the two tests of whether this capital converts into volume.
Bengaluru’s Ultraviolette has raised $85 million, and the list of people writing the cheques is as interesting as the number. A deep-tech fund and the venture arm of a Japanese electronics group are leading the round. A semiconductor industry heavyweight is investing too.
The company announced the round on Wednesday, 23 September 2026. It plans to spend the money on production, new vehicle platforms and a push into the US, which it’s targeting for 2027.
Who’s backing Ultraviolette this time
Yali Capital, a deep-tech fund, and TDK Ventures co-led the round. Lip-Bu Tan also invested. He’s best known as Intel’s CEO, though the company’s announcement introduces him as chairman of Walden International and an advisor to Ultraviolette. Existing investors joined as well.
Ultraviolette was founded in 2016 by Narayan Subramaniam and Niraj Rajmohan. Earlier backers include Lingotto, Qualcomm Ventures, Zoho Corporation, TVS Motor and Speciale Invest.
Here’s what the company hasn’t said: the valuation, how much each investor put in, or what stake the round buys. Some outlets are calling it a Series E, but the announcement doesn’t use that label. Entrackr reports the new money follows $66 million from an ongoing Series E, including $21 million from TDK Ventures and $45 million from Zoho and Lingotto. Until the company confirms the round’s name, we’d treat “Series E” as unconfirmed.
Where the money is going
Ultraviolette says the capital will go into scaling production of its two current motorcycles, the F77 and the X-47 Crossover, and two upcoming vehicles: the Tesseract scooter and the Shockwave enduro motorcycle. The rest is earmarked for next-generation EV platforms built on what the company calls its vertically integrated stack, covering batteries, power electronics, vehicle architecture and software.
The Tesseract is the launch to watch. Yali’s Ganapathy Subramaniam said it arrives early next year, but the announcement doesn’t give a date. In August 2025, the company said the Tesseract and Shockwave together had drawn more than 70,000 paid bookings, worth over $120 million in order value. Those are company-stated numbers from a year ago, and bookings aren’t deliveries.
The Hosur factory matters as much as the cash
About a week before this round, Ultraviolette announced its BIGGA (Big Global Ambition) Factory at SIPCOT Industrial Park in Hosur, Tamil Nadu. The plan is to reach 250,000 vehicles a year in phases, with infrastructure that can scale to 500,000 if demand holds. That 500,000 is a ceiling, not today’s output.
The Tamil Nadu government has put the investment at ₹779 crore, according to electrive, and the company expects around 2,000 jobs in the first phase. That’s a similar order of magnitude to this round, though the company hasn’t said how it will split the money between the plant, new products and overseas expansion.
The location makes sense on paper. Hosur already hosts plants belonging to TVS Motor and Ather Energy, which gives a newcomer access to an established supplier base. Ather and Ola Electric, two other Bengaluru-headquartered EV makers, are now listed companies, and both build in Tamil Nadu as well, Ola at Krishnagiri. Ultraviolette is still private and has built its name on premium performance motorcycles, so this isn’t a like-for-like scale comparison. But Tamil Nadu keeps showing up on the factory map of Bengaluru’s EV startups.
The US bet, and what we still don’t know
Ultraviolette wants to enter the US in 2027, then broaden into Latin America and South-East Asia. Today it sells in India and 20 European countries, including Germany, France, Spain, the UK and Italy. Business Standard reports that international sales are around 15% of volumes, and the company expects that to rise to 25% as it scales globally.
The announcement doesn’t say which models go to the US first, or whether 2027 means a full launch or a limited start. That’s the biggest open question in the story.
Why we read this as a technology bet
Our read: this isn’t a growth-at-any-cost round. Look at what the backers said they were buying. Yali’s Ganapathy Subramaniam pointed to the in-house engineering, from battery and powertrain to software and radar, and to a focus on rider safety. Lip-Bu Tan said he likes Ultraviolette’s “willingness to take on genuinely difficult problems.”
TDK Ventures is the corporate venture arm of Japanese electronics giant TDK Corporation, per TechCrunch, which reported its $21 million backing in 2025. So the round pairs a deep-tech fund, a strategic investor from the components world and a semiconductor veteran. For a hardware startup, that mix says the pitch was engineering depth and IP, not just unit sales.
The risks are just as clear. Ramping a new plant, launching a scooter and entering the US are three big jobs, and the announcement doesn’t say how they’ll be sequenced. Execution, not funding, is the question now.
What hardware founders can take from this
If you’re building anything with a battery or a motor, three things stand out:
- Yali cited in-house battery, software and radar work. Lead your pitch with the engineering and IP.
- Phase your capacity story: a 250,000-unit first target with a 500,000 ceiling tied to demand. Show investors both numbers.
- Read funding news for what it leaves out. Valuation, stakes and cheque sizes are private for now, so don’t quote them as fact.
What do you make of Ultraviolette’s US plan? Tell us in the comments, share this with a founder who’s building hardware, and explore the free Founder Toolkit if you’re planning your own raise.
FAQs
How much did Ultraviolette raise?
Ultraviolette raised $85 million in a round led by Yali Capital and TDK Ventures, announced on 23 September 2026. Lip-Bu Tan and existing investors also participated. The company hasn’t disclosed its valuation.
Who invested in Ultraviolette’s latest round?
Yali Capital and TDK Ventures led. Lip-Bu Tan, chairman of Walden International and an advisor to the company, invested alongside existing investors. Lingotto, Qualcomm Ventures, Zoho, TVS Motor and Speciale Invest are among its earlier backers.
What will Ultraviolette do with the funding?
It plans to scale production of the F77 and X-47, prepare the Tesseract scooter and Shockwave enduro motorcycle, develop next-generation EV platforms, and expand internationally, including a US entry targeted for 2027.
When will Ultraviolette enter the US market?
The company is targeting 2027 for US entry, alongside expansion in Latin America and South-East Asia. It hasn’t shared which models it will bring first or what form the launch will take.
Where is Ultraviolette’s new factory?
The BIGGA Factory is planned at SIPCOT Industrial Park in Hosur, Tamil Nadu. It’s designed to reach 250,000 vehicles a year in phases, with infrastructure that can scale to 500,000 if demand supports it.
Is the $85 million a Series E round?
The company’s announcement doesn’t label it. Some outlets call it Series E, while Entrackr says it follows $66 million raised in an ongoing Series E. Treat the label as unconfirmed for now.