Electra Vehicles, a B2B electric vehicle AI software company based in Boston, has raised $21 million in an oversubscribed investment round. The round was led by United Ventures, a digital technology-focused venture capital firm from Italy, through the fund UV T-Growth. The investment also included participation from Stellantis Ventures, the venture capital fund of Stellantis, as well as existing investors LIFTT S.p.A., Club degli Investitori, and BlackBerry Limited.
The company, founded in 2015 by energy storage expert Fabrizio Martini, specializes in producing cloud and onboard software to optimize the performance of electric vehicle battery systems. Electra Vehicles has seen strong revenue growth since its previous investment round of $3.6 million in 2021, due to its growing customer base of leading Tier 1 and 2 Suppliers seeking to improve their battery pack performance.
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. The company has recently opened an Italian branch based in Turin, Italy, to expand its presence in the Italian and European markets.
The new funding will support scaling operations and continuing to deploy innovative software technology that solves the electrification industry’s largest problems, including range, lifetime, and safety concerns. Expansion plans include targeted growth into European markets and expanding the office in Turin, Italy, as well as rapid growth of both technical and sales teams to meet the increasing demand for Electra’s offerings.
Electra Vehicles has developed three main products for optimal battery management that address the entire lifecycle of the battery system from when it rolls off the production line to when it is decommissioned. The patented core of the technology, the Adaptive Battery Digital Twin, leverages AI and ML to provide design insights, real-time onboard controls, and fleet-wide data analytics for reduced total cost of ownership.
In January 2023, Electra announced a Design Win in partnership with BlackBerry IVY to deploy their joint technology in the PATEO digital cockpit on a Dongfeng Motor Voyah EV. With this new funding, Electra Vehicles is poised to continue making waves in the electric vehicle industry by providing cutting-edge AI-powered solutions for battery management.
