Electra Vehicles: investment round of 21 million dollars

Electra Vehicles (a leading B2B AI software company that produces cloud and on-board software to optimize the performance of any battery system on any vehicle) has just closed a $21 million round led by United Ventures, an Italian venture fund capital specialized in digital technologies. Stellantis Ventures and existing investors LIFTT, Investors Club and BlackBerry Limited are also participating in the round.

Artificial intelligence is increasingly entering the car sector – obviously electric – and this improves their autonomy, duration and safety performance, especially as regards the heart of these vehicles: the batteries.

And there is a lot of Italy in Electra Vehicles: it was founded in 2015 by the Italian Fabrizio Martini, an expert in “energy storage”, after a professional experience at NASA, where he developed a new battery system for space shuttles directed towards Venus. After closing a $3.6 million round in 2021, Electra Vehicles reported strong revenue growth thanks to a growing customer base made up of Tier 1 and Tier 2 suppliers seeking better performance for their electric batteries. The company has expanded its offering of battery models and has built an extensive dataset for more than 300 types of batteries and accumulators. In January 2023, Electra announced a Design Win in collaboration with BlackBerry IVY for the implementation of their joint technology in the PATEO digital cockpit on a Dongfeng Motor Voyah EV vehicle.

The new funds will help scale operations and continue to deploy innovative software technology that solves the electrification industry’s most significant challenges, including range, durability and safety. Expansion plans include targeted growth in European markets and the expansion of the Turin office, as well as rapid growth of the technical and commercial teams to meet the growing demand for Electra’s offerings.