EV AI software company Electra Vehicles raises $21M in a round led by United Ventures with participation from Stellantis
Electra Vehicles, a B2B electric vehicle AI software company headquartered in Boston that produces Cloud and onboard software to optimize the performance of electric vehicle battery systems, raised $21 million in an oversubscribed investment round. The round is led by United Ventures, the Italian venture capital firm specializing in digital technologies, through the fund UV T-Growth; and it includes additional investment from Stellantis Ventures, the venture capital fund of Stellantis. Existing investors LIFTT S.p.A., Club degli Investitori, and BlackBerry Limited also participated in the round.
Electra Vehicles was founded in 2015 by energy storage expert Fabrizio Martini, following his work with NASA, where he developed a novel battery system for Venus-bound spacecraft. The company 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.
Since raising an investment round of $3.6 million in 2021, Electra Vehicles has seen strong revenue growth due to a growing customer base of leading Tier 1 and 2 Suppliers who seek to improve their battery pack performance. 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 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.
The company 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.