Boston-based Electra Vehicles produces cloud-based and onboard software designed to optimize the performance of EV battery systems. The company recently raised $21 million in an oversubscribed investment round led by Italian VC firm United Ventures. Other investors include Stellantis Ventures and BlackBerry Limited.
Electra says its software solutions improve battery pack range, lifetime and safety performance. Its customer base includes Tier 1 and 2 automotive suppliers.
The company recently opened a new branch in Turin, Italy, to expand its presence in the European market.
Electra has grown its library of battery and vehicle data models and built upon an extensive dataset of 300+ battery and capacitor chemistries.
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.
“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,” said founder and CEO Fabrizio Martini. “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 technology.”
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,” said Damiano Coletti, Partner at United Ventures.
“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, as evidenced by the recent design wins with international automakers,” said Vito Giallorenzo, Head of Corporate Development at BlackBerry.
Source: Electra Vehicles