Welcome to the Paddock, your VIP access to unique insights from some of the best mobility founders out there and curated news and trends reshaping the mobility sector globally.
—Rodolfo, Enrique, Cecy, Karen, Horacio and Angela.
💡If you know of any startup that is also committed to #reshapingmobility by being more efficient, safer, and environmentally friendly reach us here.
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⚡️Congratulations to Deftpower, whose app has been successfully integrated into the TomTom Digital Cockpit streamlining EV charging for drivers worldwide. The partnership enhances the app’s capabilities, offering features such as finding charging stations and online payment systems. This achievement marks a significant milestone for Deftpower, which is committed to improving its technology and providing the best user experience.
⚡️We’re thrilled to announce that Xos has announced the release of its second-generation Xos Hub bringing a new era of mobile DC fast charging for EVs. This compact and portable solution represents a significant improvement in charging technology, offering enhanced performance, safety, and efficiency. Xos is committed to advancing the EV industry and providing reliable and sustainable charging solutions.
⚡️Kigo-Parkimovil has combined Kigo and Geosek into a single app, providing a more comprehensive parking experience. This integration marks a significant milestone, offering a streamlined and convenient parking experience to its users. By combining Kigo and Geosek into a single app, Parkimovil has enhanced its service offerings, providing a more comprehensive and efficient solution for parking management.
⚡️Congratulations to Busup for being awarded the “Private Company – SME” award at the 3rd Edition of the International Mobility Awards organized by Empresas por la Movilidad Sostenible. This recognition is a testament to their commitment to improving mobility and promoting sustainability. We congratulate Busup for their efforts, dedication, and corporate purpose.
🔍The Subtle Strategy Behind Elon Musk’s Price Cuts at Tesla
Tesla CEO Elon Musk has employed a subtle pricing strategy in an effort to boost sales of the company’s electric vehicles. Rather than making big, attention-grabbing discounts, Musk has been cutting prices on Tesla’s cars incrementally. This approach has allowed the company to maintain its premium brand image while still making its vehicles more affordable for consumers.
Additionally, Musk argues that the vehicles themselves serve as a beachhead market; his ultimate goal is to sell software to these customers in the future. This is a very interesting strategy, as the large margins of software could drive Tesla’s bottom line in ways that vehicles and hardware simply cannot.
🔍Will Next-Gen Batteries Break into Mass Market EVs This Decade?
This is a great question, since batteries are the heart of EVs, both in cost perspective and performance. Next-gen batteries could allow cars to have short charging times, that can travel long distances with a charge, while making the car lighter. Eventually, next-gen batteries with their higher energy density could reduce the cost of EVs (vehicles will need a smaller battery to achieve attractive driving ranges). Therefore, when next-gen batteries are introduced is key for the industry, especially to make a big leap forward.
The article pits two opposing points of view. On one side, it discusses OneD Battery Science CEO’s point of view, in which he says that OEM’s will be reluctant to adopt new battery technologies since they have invested too much in factories focused on conventional lithium-ion and graphite batteries. Plus, their current focus is on reducing EV prices to capture a larger market share, and next-generation batteries will need a lot of scale to be able to help OEMs in reducing their prices, which seems a unlikely proposition at this point of time. For reference, the electric drivetrain including the battery, tends to represent 50% of the electric vehicle’s cost. So, battery costs are the greatest leverage OEM’s have in reducing the vehicle cost.
On the other hand, the article talks about two companies developing next-gen batteries, Sila Nanotechnologies and Enovix. Both are replacing graphite anodes with silicon ones, since in theory can hold 10x more lithium by weight than graphite, giving an EV far greater driving range. Lithium also moves faster through silicon, allowing batteries to charge faster. However, silicon anodes lack graphite’s natural pores and layers, causing them to swell and contract enormously, and after multiple cycles they can crack, destroying the battery. Both of these companies are working around this issue. Important to mention that their approach is different to well known companies like QuantumScape and Solid Power which are seeking to replace liquid electrolyte with a solid material, and therefore named solid state batteries.
Sila Nano and Enovix are taking different paths to get to the market. Mercedes will offer Sila Nano’s anodes as an option for its 2025 ultraluxury G-Class Suv, while Enovix is looking to place batteries in portable electronic devices, like your smartphone. Both are betting people are willing to pay a premium to get a better battery performance. Unfortunately, on the vehicle side, believe customers willing to pay a high premium will be limited, and thus Automakers will focus on lowering their prices and improving their profitability, making it a challenging environment for new battery technologies. Even with the EV revolution, vehicle manufacturing has stayed the same, and is a capital-intensive business, building dedicated lines or even facilities for each vehicle model. Not only it is very capital intensive, but inflexible approach. Working with their current manufacturing process makes it easier for new technologies to be adopted. At the same time, there is an opportunity for a new entrant or a current OEM to focus on launching their EVs with next-gen batteries to leapfrog their competition. Only time will tell if there are individuals / companies willing to make this bet.
Some deals we found interesting
🚀Aperia Technologies Inc.– a California-based leading supplier of tire management technologies that improve the safety and efficiency of commercial vehicles raised $45M in growth equity financing, led by Lime Rock New Energy. (21. Mar.23)
🚀AutoLeap– a Toronto-based all-in-one auto repair shop management software raised $30M in Series B financing, led by Advance Venture Partners with participation from existing investors Bain Capital Ventures and Threshold Ventures. (11. Apr.23)
🚀ChargeLab– a Toronto-based that builds software to operate and optimize electric vehicle charging equipment raised $15M in new financing in their Series A, led by Silver Comet and Eaton. (14. Apr.23)
🚀Chemix– a California-based battery development raised $10M in early-stage funding, led by Mayfield Fund, Radical Ventures, and Ibex Investors. (2.May.23)
🚀Cilia– a Brazil-based auto parts and car maintenance cost estimator for insurance companies raised $21.8M, led by Cloud9 Capital with participation from Mercado Libre. (25.Apr.23)
🚀CorrActions– an Israel-based startup that built a driver monitoring system that can understand a driver’s cognitive state a strategic investment from Volvo Cars Tech Fund. (24. Apr.23)
🚀Evermile– a U.K. -based startup claims to simplify and automate deliveries, bringing enterprise-grade logistics to small businesses raised $6M in a seed funding round, led by 10D with participation from Mensch Capital Partners and angel investors, including Fred Destin, Ziv Paz, and others. (19. Apr.23)
🚀Foretellix– an Israel-based startup that provides safety-driven verification and validation solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS) raised $43M its Series C funding round led by 83North, joined by Woven Capital, Nvidia, along with Artofin VC. (2.May.23)
🚀Frayt– an Ohio-based on-demand delivery platform $7M in Series A funding, led by Refinery Ventures with participation from Capital Midwest, Venture 53, and the JobsOhio Growth Capital Fund. (11. Apr.23)
🚀GoodShip– a Tennessee-based analytics and transportation procurement platform for shippers raised $5M seed round, co-led by Ironspring Ventures and Chicago Ventures, with participation from Fuse VC and Cercano Management. (4.May.23)
🚀infiniDome– an Israel-based leading provider of anti-jamming solutions $9M in Series A funding led by Hanwha Aerospace Honeywell Ventures, and Next Gear Ventures. (24. Apr.23)
🚀Infleet– a Brazil-based that provides transparency and agility by integrating a logistics and equipment management services hub raised $989k in funding, led by Citrino Ventures through the CV Idexo fund, with participation from DOMO Invest and Bossanova Investimentos. (27. Apr.23)
🚀Kate– a France-based company that wants to create a tiny car that you can use for your daily commute and various errands raised $7.6M from angel investors. (20. Apr.23)
🚀Leasy– a Peru-based startup that provides a solution to the high cost of car rental for cabs and the difficulty of accessing traditional credit raised $25M, led by Lendable. (4.May.23)
🚀Moby– a Dublin-based bike-sharing operator raised €4.1M in their pre-Series A round, led by Selenean Capital with participation from Brian Caulfield and other Irish investors. (11. Apr.23)
🚀Pitstop– a Toronto-based fleet maintenance software that provides powerful AI-driven predictive analytics and insights raised $3.8M in a round, led by Tech Square Ventures. (13. Apr.23)
🚀REPOWR– a Birmingham-based logistics marketplace and digital leasing platform raised $8M round of funding, led by UP.Partners. (11. Apr.23)
🚀Rinsed– a New York-based The Car Wash CRM raised a $20M Series B investment led by VMG Technology. (25. Apr.23)
🚀Rydes– a Berlin-based startup that provides companies with a platform aimed at offering employees a monthly mobility budget has raised €3.5M in a seed funding round, led by Assembly Ventures and Rethink Ventures, with Futury Capital and angel investor Jens Krüger participating. Backers of the company include Lufthansa Group, Forward31, Arabella Venture Capital, and other angel investors. (24. Apr.23)
🚀SPREAD– a Berlin-based engineering intelligence startup for complex mechatronic products raised €14.6 million Series A funding round, led by HV Capital with participation from existing investors Cavalry Ventures, and angel investors, including Dylan Field and Walter Kortschak. (3.May.23)
🚀UNIT 1– a Madrid-based innovation company for action sports raised $3.5M in a Series A funding round, led by Slingshot Ventures and Ponooc with participation from Joyned Capital. (12. Apr.23)
🚀Veo Robotics– a Massachusetts-based innovator of intelligent safeguarding for industrial robots raised $14M led by Amazon Industrial Innovation Fund, Safar Partners, and Yamaha Motor Ventures. (25. Apr.23)
🚀Virta– a Finland-based global leader in the fast-growing Electric Vehicle charging platforms industry raised €85M in growth funding, led by Jolt Capital, and co-invested by Future Energy Ventures, and Business Finland. (25. Apr.23)
🚀Whizz– a New York-based e-bike subscription platform for last-mile delivery drivers raised $3.4M, led by Joint Journey, TMT Investments, and a group of angel investors. (20. Apr.23)
A piece of good news
🌎In a year marked by energy price shocks, rising inflation, and disruptions to traditional fuel trade flows, global growth in emissions was lower than feared, despite gas-to-coal switching in many countries. Increased deployment of clean energy technologies such as renewables, electric vehicles, and heat pumps helped prevent an additional 550 Mt in CO2 emissions.
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Work at our PortCos
👩🏻💻Head of B2B Sales – Ridepanda
👩🏻💻B2B Sales Development Representative – Ridepanda
👩🏻💻Head of B2B Partner Marketing – Ridepanda
👩🏻💻Head of Finance – Solvento
👩🏻💻Finances and HR Manager – Electric Era
👩🏻💻Manager, Site Implementation – Electric Era
👩🏻💻Sales Development Representative – Gauge
👩🏻💻Providers Executive Madrid – Busup
👩🏻💻Frontend Barcelona – Busup
👩🏻💻Web Technical Support Barcelona – Busup
👩🏻💻Senior QA Automation Barcelona – Busup