Automotive technology company Protean Electric has completed a $40m equity investment as the initial closing of its Series E funding round.
The investor group is led by Weifu High-Technology Group, a leading diversified automotive component manufacturer and Oak Investment Partners, Protean’s charter investor and long-established, multi-stage venture capital firm.
The Series E financing proceeds will support Protean’s on-going business activities and help to establish a global licensing model covering all key markets. Weifu have further invested in the relationship by agreeing to form a Joint Venture in China for the manufacture of ProteanDrive Pd18.
A technology center will be set up within the Joint Venture to focus on customer application engineering and manufacturing process engineering. Under the leadership of Protean’s technology center in England, the Joint Venture will support product development and continuous engineering of in-wheel motor products.
Protean Electric CEO Kwok-Yin Chan said: “This investment supports Protean Electric’s position as the world leader of in-wheel motor technology and eDrive systems. As we win more customer projects, our investors are convinced our technology offers tangible vehicle level benefits.
“The relationship with Weifu also provides great support for the industrialization of ProteanDrive, allowing us to focus on our technology and software to deliver enhanced vehicle functionality such as augmented ABS, torque vectoring, and control of the digital corner.”
Weifu chairman Xuejun Chen said: “We believe Protean Electric’s in-wheel motor technology will have a transformative impact on the industry and all vehicle users.
“Protean’s wheel motors allow designers to develop vehicles focused 100% on client need, with more space, lower floors, greater comfort and even vehicles you can walk into that will travel and park sideways. We are pleased to support Protean as a strategic partner.”
Bandel Carano, Managing Partner at Oak Investment Partners said: “Protean’s patented technology and development of ProteanDrive in-wheel motor products is creating tremendous interest.
“As the world accelerates digital transformation and vehicles become more autonomous, a smart, stand-alone drive solution that includes integrated power electronics, digital control, embedded autonomous EV sensors and friction brake is set to change how we view and experience transportation.”
