Boston, USA-headquartered B2B electric vehicle AI software company Electra Vehicles raised USD 21 million in recent funding. Italian venture capital firm specializing in digital technologies, United Ventures, led the financing for the company. It invested in Electra Vehicles via UV T-Growth. Meanwhile, Stellantis Ventures, the venture capital fund of Stellantis, joined in the round. Existing investors such as LIFTT S.p.A., Club degli Investitori, and BlackBerry Limited provided the investment.
Purpose of investment for Electra Vehicles
With the latest financing, Electra Vehicles seeks to support scaling operations. It has plans to continue to deploy innovative software technology that solves the electrification industry’s largest problems, such as range, lifetime, and safety concerns.
Electra Vehicles’ expansion plans include targeted growth into European markets and expanding the office in Turin, Italy. It also aims towards the rapid growth of both technical and sales teams to meet the increasing demand for Electra’s offerings.
What the company’s official has to say
Fabrizio Martini, CEO & Founder of Electra Vehicles, commented, “Electra is proud to power the acceleration of worldwide vehicle electrification by eliminating range anxiety and extending battery lifetime, all within strict safety requirements. The support shown for Electra in raising an oversubscribed funding round in difficult market conditions is a testament to the demand for Electra’s AI battery software. This is a clear endorsement of the value that the Electra team continues to create and bring to market. The year 2023 has already been pivotal for Electra as we are signing several commercial contracts with international OEMs and are in the process of doubling our headcount to further deploy our cutting-edge technology throughout the fast-growing EV industry. We look forward to working closely with our new partners at United Ventures and Stellantis and to growing our relationship with our longtime supporters at LIFTT, Club degli Investitori, and BlackBerry.”
What the investors have to add
Damiano Coletti, Partner at United Ventures, further said, “The electric vehicle market is poised for tremendous growth in the coming years. Electra is in a position to be a key player in this industry. We are very pleased to announce our investment in Electra Vehicles and their advanced AI software platform, which is set to revolutionize the electric vehicle market. Their industry-leading platform addresses some of the major obstacles standing in the way of widespread electric vehicles adoption, such as range anxiety and the risk of massive recalls, and we are confident that Electra’s best-in-class solutions will play a vital role in accelerating this adoption. We are excited to partner with Fabrizio Martini and the entire Electra team for the journey ahead.”
In addition, Vito Giallorenzo, General Manager of IVY and Head of Corporate Development at BlackBerry: “Electra was the BlackBerry IVY Innovation Fund’s first investment, and we are thrilled that their EVE-Ai™ ML-based battery management solution has resonated with many OEMs and Tier 1’s who see value in the company’s approach towards tackling some of the key pain points associated with large-scale EV adoption, as evidenced by the recent design wins with international automakers. We are pleased to continue our support by participating in Electra’s funding round. We look forward to continuing to advance the company’s mission to increase the deployment of personalized, intelligent electric vehicles, for which Fabrizio and team are leading the way.”
About the company
Fabrizio Martini launched the company in 2015. Electra Vehicles provides AI-based software solutions to electric vehicles, electric fleets, and multiple battery-electric verticals for improved battery pack range, lifetime, and safety performance across applications.
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