Boston-based Electra Vehicles has raised $21 million in an oversubscribed investment round led by Italian VC firm United Ventures, with additional support from Stellantis Ventures and BlackBerry Limited. The company produces cloud-based and onboard software designed to optimize the performance of EV battery systems, and has opened a new branch in Turin, Italy to expand its presence in the European market.
Electra’s software solutions improve battery pack range, lifetime and safety performance, and are used by Tier 1 and 2 automotive suppliers. The company has developed three main products for optimal battery management, which address the entire lifecycle of the battery system. The patented core of the technology, the Adaptive Battery Digital Twin, uses AI and machine learning to provide design insights, real-time onboard controls and fleet-wide data analytics.
Fabrizio Martini, founder and CEO of Electra, said “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 company is also growing its library of battery and vehicle data models and building upon an extensive dataset of 300+ battery and capacitor chemistries.
Damiano Coletti, Partner at United Ventures, said “Electra’s platform addresses some of the major obstacles standing in the way of widespread electric vehicle adoption, such as range anxiety and the risk of massive recalls, and we are confident that Electra’s best-in-class solutions will play a vital role in accelerating this adoption.” Vito Giallorenzo, Head of Corporate Development at BlackBerry, added “Electra’s EVE-Ai ML-based battery management solution has resonated with many OEMs and Tier 1 suppliers, who see value in the company’s approach towards tackling some of the key pain points associated with large-scale EV adoption.”
FAQ
Q1: Are electric car batteries recyclable?
A1: Yes, electric car batteries are recyclable.
Q2: Are electric car chargers free?
A2: It depends on the charger and the location. Some electric car chargers are free, while others may require a fee.
Q3: Can electric car batteries be rebuilt?
A3: Yes, electric car batteries can be rebuilt with the right tools and knowledge.
