Donut Lab, a Helsinki-based e-mobility technology company, has raised €25 million in seed funding to support the growth of its modular electric vehicle platform. The investment round includes participation from Risto Siilasmaa, former chairman of Nokia, who also joins the company’s board. The names of the other investors were not disclosed, ArcticStartup reports.
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Donut Lab is a Helsinki-based technology company specializing in modular electric vehicle components.
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Donut Lab develops a comprehensive platform of inter-compatible components, such as in-wheel motors, battery modules, and control software designed to simplify and accelerate electric vehicle production across land, sea, and air applications.
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The company’s technology suite includes in-wheel motors, battery modules, and control units intfinished to simplify integration and reduce the necessary for traditional drivetrain architectures.
“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 enattempt of our products really is a winning formula. I cannot wait to revealcase the latest applications and introduce new business divisions and partners of our growing group in the coming weeks and months,” declares Marko Lehtimaki, CEO of Donut Lab.
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The funding will be utilized to expand research and development, particularly through a new UK facility, and to advance commercial partnerships. While supporting global hiring and scaling production to meet growing demand.
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