Powering the EV revolution. Our investment in Electra Vehicles
February 22nd, 2023
We are excited to announce our investment in Electra Vehicles, an Italian-founded, Boston-based company that provides AI-based software solutions for optimal battery management. United Ventures led their $21 million round and was joined by Stellantis Ventures, LIFTT, Club degli Investitori, and BlackBerry Limited. Funds will be used to scale company operations by expanding the technology and sales teams and entering the Italian and European markets.
EV adoption is unstoppable. Just think of the decree recently issued by the European Commission to ensure all new cars registered in Europe will be zero-emission by 2035 – a clear signal that will accelerate the production of low- and zero-emission vehicles, aligning both the private and public interests in this market.
OEM players and battery makers feel a strong sense of urgency to catch up with the electric vehicle market. If they do not want to risk the loss of market share and commoditization, they must start to develop focused vertical competencies and value underpinned by software capabilities. Because electric vehicles, whether they be commercial or passenger, are more akin to computers than to traditional automobiles. Yet to date, there is a significant delay in terms of electric vehicle development, and EV adoption is slowed down by problems such as range anxiety and re-call prevention associated with battery safety. And when considering that the battery in an electric car accounts for about 40 percent of the cost of the vehicle, extending its range could translate into obvious savings for manufacturers. The battery software industry has strong huge potential and needs innovation.
Technologies such as Electra’s can help to fill the gap. By more efficiently managing the use and maintenance of batteries throughout their lifetime. Electra positions itself as a fundamental link in the EV value chain. 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 a reduced total cost of ownership.
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. Fabrizio envisions a world where energy storage expands throughout multiple sectors, reaching global electrification goals, and intends to take part by removing battery technology barriers. His solid technical capabilities, coupled with a strong degree of business acumen, have enabled him to attract a very senior team with diversified experience in relevant fields such as AI, computer vision, automotive, and chemistry.
Over the past few months, Electra Vehicles has demonstrated significant revenue growth and has secured important contracts with leading international OEMs as well as closing important partnerships with industry ecosystem leaders like NXP and BlackBerry. Also thanks to its library of battery and vehicle data models and built upon an extensive dataset of over 330 battery models of conventional (e.g., Lithium Ion) and novel chemistries (e.g., Lithium Metal, Solid State).
But this is only the beginning – by deploying innovative software technology that solves the electrification industry’s largest problems, Electra Vehicles is well-positioned to become the leading Al/ML end-to-and software for battery management systems on any vehicle and a key player in the energy transition to a more sustainable future. We are excited to partner with Fabrizio Martini and the entire Electra team for the journey ahead!
For more information, read the Press Release (ENG – ITA).
