Electra Vehicles – a B2B AI software solutions provider to electric vehicles, electric fleets, and multiple battery-electric verticals to optimize the performance of electric vehicle battery systems – raised $21 million in a funding round led by United Ventures.
The funding round also includes additional investment from Stellantis Ventures, the venture capital fund of Stellantis, and existing investors LIFTT, Club degli Investitori, and BlackBerry.
Previously, Electra Vehicle raised $3.6 million in 2021.
The company says its cloud-based and onboard software tools provide battery system performance insights, battery-conscious driver recommendations, and intelligent charging control strategies, solving the electrification industry’s problems, including range, lifetime, and safety concerns.
Fabrizio Martini, CEO & Founder of Electra Vehicles, said: “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 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 growing our relationship with our long-time supporters at LIFTT, Club degli Investitori, and BlackBerry,” added Fabrizio Martini.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding for energy storage companies decreased by 34%, with $5.8 billion in 2022 compared to $8.8 billion in 2021.
Ionblox – which develops and commercializes high-energy density lithium-ion batteries for ground and aerial electric vehicles – recently announced the second close of its Series B funding round, totaling $32 million. Lilium and Applied Ventures led the additional financing round, with participation from Temasek and Catalus Capital. The company announced its initial Series B in October last year, raising $24 million.