Helsinki-based e-mobility tech company Donut Lab has raised €25 million in Seed funding. Donut Lab provides all the components needed to build an electric vehicle and makes them available to operators in all industries.
The Donut Platform offers a high-quality range of inter-compatible components to make electric vehicle manufacturing both quick and economical. The modular platform encompasses essential components, including battery modules, computer units, and vehicle control software, with additional features to be introduced by the international R&D team in 2025.
The Donut Motor is the world’s first-ever in-wheel motor that combines maximum torque and power density with a lightweight design, eliminating the need for traditional drivetrain components.
The systems are designed for versatile use across land, sea and air vehicles, serving automotive, aerospace, robotics, marine, and defence sectors.
Check out our interview this week with Michael Waksman, CEO of Donut Defence, which initially launched as a subsidiary of Donut Lab.
The funding follows the company’s launch of its five-motor line-up and new international senior appointments, bringing further breadth to the executive board and broader team.
Serial tech investor Risto Siilasmaa joins the Board of Directors, having previously served as Chairman of Nokia and established several tech companies including successful cybersecurity firms WithSecure and F-Secure.
International engineering and commercial teams have been bolstered with new appointments, including Neil Patterson, VP of Engineering Programmes (formerly of McLaren, Lotus and Aston Martin) and Craig Williams, VP of Business Development (formerly of BMW and Rivian) and others.
An R&D facility has been established in the UK in Chippenham, Kent.
The company can now confirm more than ten commercial contracts with OEMs across a range of industries have been signed, for full stack EV integration through adopting Donut Lab motor and platform technologies.
According to Marko Lehtimaki, CEO, the continued growth in demand, international expansion and interest from customers, investors and new recruits alike “demonstrates to us founders what we have always believed, that our tech solution is truly groundbreaking. “
“The performance, robustness, versatility and relative low cost of entry of our products really is a winning formula.
I cannot wait to showcase the latest applications and introduce new business divisions and partners of our growing group in the coming weeks and months.”
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