EV startup Damon Motorcycles recently announced that it has secured US$3 million in additional investments. It has also acquired the intellectual property portfolio of San Francisco-based Mission Motors.
The US$3 million secured by the motorcycle company was raised by a group of undisclosed investors. The recent funding comes nearly a year after the startup raised US$2.5 million in a seed round from Techstars, 13 Capital, Pallasite Ventures and Extreme Venture Partners.
Apparently, the new funding will be utilized to develop Damon’s Hypersport motorcycles and speed up time to market.
Damon Motorcycles acquired the IP portfolio of Mission Motors, which is a leading developer of high-density electric vehicle powertrains. However, the company had suspended its operations in 2015.
The intellectual property of Mission Motors includes Skyline Telematics, PM200 electric motor and Mission Inverter, which will be used in the development of Damon Motorcycles’ cloud computing platform and full-stack electric vehicle.
Derek Dorresteyn, Chief Operating Officer at Damon was stated that the acquisition of Mission Motors’ intellectual property will add to the company’s capability to develop high performance drive trains in motorcycling. He added that Mission Motors was considered a technical leader and the team is excited to have integrated its competitive DNA into the Damon Hypersport. Damon intends to improve upon it significantly, in a bid to take motorcycling into an entirely different realm of performance.
The company reportedly said in a statement that with the new funding, it will be addressing the critical safety needs of motorcycle users as well as manufacturers.
For the record, Damon Motors is focused on making motorcycles safer by using low-cost sensors, mobile computing and connectivity networks. Unlike the traditional DAS (driver-assistance systems) in vehicles, its advanced warning system for motorbikes recognizes the cageless bearing conditions and vehicle dynamics of motorbikes that generally make riders vulnerable on the road.
Source credit: https://betakit.com/damon-motorcycles-raises-additional-3-million-acquires-mission-motors-portfolio/