Electra Vehicles, Inc. Closes $3.6 Million Seed Funding Round led by LIFTT S.p.A and BlackBerry Limited
Electra Expands AI Battery Pack Software Technology Initiatives & Opens Office in Italy
Electra Vehicles, Inc. closed an oversubscribed Seed Round of $3.6 Million led by the Italian investment group LIFTT S.p.A. and BlackBerry Limited. Other investors include Club degli Investitori, Massachusetts Clean Energy Center, Hyperplane Venture Capital, Prithvi Ventures, Launchpad Venture Group, TiE Boston Angels, and successful Angel investors. These strategic, industry-leading investment groups join the funding round and affirm their support of Electra’s flagship product, EVE-Ai 360 Adaptive Controls, a revolutionary, AI-based software that optimizes the performance of battery systems on any vehicle in the eMobility space.
As electrification continues to be a predominant focus for passenger & commercial vehicle industries with major OEMs, Electra Vehicles is strategically positioned to help these automakers maximize their battery pack investments using their groundbreaking AI software, which can be up to 20% of a vehicle’s costs. Electra Vehicles’ unique data models are built upon an extensive dataset of 300+ battery and capacitor chemistries.
Bolstered by EnPower, the company’s battery selection & simulation software solution, EVE-Ai 360° Adaptive Controls dynamically manages battery packs based on individual driver and vehicle conditions, thereby increasing lifetime and range and reducing warranty expenses for the suppliers & OEMs. Electra Vehicles has proven their battery expertise while working with major Tier 1’s and OEMs who seek to improve their battery pack performance.
Electra takes a software-first approach to solving the EV and battery pack industries’ major blockers by targeting State of Health (SOH), charging activity, and driving behavior to adapt the battery pack’s needs to all impacting factors. The software is compatible with innovative hardware, next generation cell chemistries, and advanced sensing techniques. The extended range and lifetime benefit passenger vehicle and commercial fleet vehicle owners alike and expedite electric vehicle adoption.
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In addition to its growing Boston-based headquarters, Electra will open a strategic branch in Italy’s Piedmont Region located in the center of the Italian automotive industry with on-the-ground assistance from LIFTT, Club degli Investitori, and the Foreign Center of Internationalization. The new office location will be in close proximity to cities like Modena and Stuttgart, which are home to leading OEMs in the eMobility space such as Porsche, Ferrari, and Lamborghini, giving Electra the opportunity to expand its customer traction worldwide.
Additionally, Electra Vehicles is pleased to announce the company is the first investment of the BlackBerry IVY Innovation Fund and welcomes BlackBerry as a strategic investor to support its growth and product portfolio. BlackBerry is a leader in automotive software, with the company’s QNX technology used by 23 of the top 25 EV OEMs. Its innovative BlackBerry IVY platform, built in partnership with Amazon Web Services (AWS) will enable Electra’s EVE-Ai™ 360° Adaptive Controls to provide responsive battery management through IVY’s edge computing capabilities. As Electra Vehicles, Inc.’s CEO Fabrizio Martini said: “With allies such as LIFTT, Club degli Investitori, and the BlackBerry IVY team, our innovative AI-based EVE-Ai software will very rapidly become ubiquitous in the race for electrification in the eMobility sector, just like ADAS systems have become imperative in current vehicles nowadays.”