Potential Motors raises $3.2M for electric off-road vehicle technology
Marketing and Communications Manager
- The round was led by Brightspark Ventures and included Marc Benioff’s TIME Ventures, Build Ventures, and New Brunswick Innovation Foundation.
- The funds will be used to expand its team, further develop its technology, and complete rigorous off-road testing on its prototype platform.
Fredericton, NB, Canada, Feb. 8, 2022: Potential Motors, the Canadian electric vehicle technology company, has raised $3.2M USD. The round was led by Brightspark Ventures and included Marc Benioff’s TIME Ventures, Build Ventures, and New Brunswick Innovation Foundation. The funds will be used to expand its team, further develop its technology, and complete rigorous off-road testing on its prototype platform.
The Utility Terrain Vehicle (UTV) industry is in the very beginning of its transition to electric, is growing at a rate 50% faster than automotive, and is expected to reach 11.95B by 2027. The industry is facing some of the same electrification challenges as automotive including new entrants, new consumer demands, and new vehicle architecture. Just like in automotive, software will be a driving force of vehicle performance and experience for new electric products.
Potential Motors’ technology is a vehicle control software that integrates subsystems like torque control and suspension and optimizes them proactively for the vehicle’s terrain. This software will aid manufacturers of side by sides in their transitions to electric by improving their overall performance, providing new feature opportunities, and simplifying their vehicle architecture.
With off-road growing fast it needs to go electric, and software is what will set companies apart,” said Sam Poirier, CEO and Co-founder. “This is the most overlooked space in electrification. With such rapid growth and disruption in a low regulatory environment, off-road is a space that investors and industry need to pay attention to. This investment just validates the opportunity here.
Potential Motors plans to reveal its prototype platform and technology in action later this year.
ABOUT POTENTIAL MOTORS
Potential Motors is developing vehicle control software for electric side by sides that gives drivers optimal performance through changing terrain and simplifies vehicle architecture for manufacturers. Headquartered in New Brunswick, Canada, Potential Motors aims to supply vehicle manufacturers with software and engineering services for the next generation of electric side by sides. Potential Motors is a VC-backed startup having raised $6.5M CAD / $5M USD to date.
LEARN MORE ABOUT POTENTIAL MOTORS
VP of Marketing, Potential Motors