US-based Electra Vehicles raises €19.7M led by Italian VC United Ventures to enter the European market

Boston, USA-based Electra Vehicles, a B2B electric vehicle AI software company, announced on Wednesday that it has raised $21M (approximately €19.7M) in an oversubscribed investment round led by Italian VC United Ventures. 

Stellantis Ventures, LIFTT S.p.A., Club degli Investitori, and BlackBerry Limited also participated in the round. 

Electra Vehicle says it will use the funds to support scaling operations and to deploy software technology to solve several problems of the electrification industry – range, lifetime, and safety concerns.  

Electra Vehicles will also use the capital to expand its operation in European markets, as well as its new office in Turin, Italy, and grow technical and sales teams. 

Previously, Electra Vehicle raised $3.6M in 2021. 

Electra Vehicle: Improves battery overall performance

Energy storage expert Fabrizio Martini, who developed a novel battery system for Venus-bound spacecraft at NASA, founded Electra Vehicles in 2015. 

Martini says, “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.” 

“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,” adds Martini. 

Electra Vehicles provides AI-based cloud and onboard 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 says its Cloud-based (EVE-Ai Fleet Analytics) and onboard (EVE-Ai 360 Adaptive Controls) are ideal software tools that provide battery system performance insights, battery-conscious driver recommendations, and intelligent charging control strategies based on continuously updating patented core technology, Adaptive Battery Digital Twin.

With an initial focus on the eMobility market sector, Electra’s technology can apply the same range, lifetime, charging, and safety benefits to other electric sectors like eVTOLs, Aerospace, Robotics, Grid, and more. 

To date, the company has grown its library of battery and vehicle data models and built upon an extensive dataset of 300+ battery and capacitor chemistries. 

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. 

The Investor

United Ventures is an independent venture capital firm that has invested in more than thirty technology startups, supporting their growth and international expansion.

Damiano Coletti, Partner at United Ventures, says, “The electric vehicle market is poised for tremendous growth in the coming years, and Electra is well positioned 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 revolutionise the electric vehicle market.”