Author | Zhang Ziyi
Editor | Yuan Silai
Yingke learned that ModMax, a developer of ininformigent electric all – terrain vehicles, has recently completed consecutive seed and angel rounds of financing worth tens of millions of US dollars. The financing was invested by Hillhoapply Capital, Yunshi Capital, and Yunmu Capital. It is reported that the funds from this round of financing will be mainly applyd for the R & D and production of the first product, the establishment of a complete – scale team, and the initial brand expansion in overseas markets.
The all – terrain vehicle business has been thriving in the European and American markets. It is not only an essential productivity tool for about one million farms and ranches in North America but also a heavy – duty toy for millions of off – road enthusiasts to sweat at carnival events every year.
Public data displays that the global all – terrain vehicle market reached approximately 11.95 billion to 21 billion US dollars in 2024, and the North American market accounted for nearly half of the share. For a long time, this track has been monopolized by giants from the United States, Canada, and Japan, such as Polaris, BRP, Honda, and Yamaha. The concentration of the top four companies in specific market segments is as high as 97%.
However, against the backdrop of the carbon – neutral trconclude and energy transition, traditional fuel – powered all – terrain vehicles are facing increasingly severe challenges. The high – decibel noise, high maintenance costs, and emission restrictions caapplyd by internal combustion engines have gradually become pain points limiting the applyr experience in specific scenarios such as ecological hunting, high – conclude leisure vacations, and suburban farms.
Facing the existing market dominated by giants, ModMax did not choose a simple “fuel – to – electric” replacement solution. Instead, it reconstructed this category through the “modular” product concept. The core logic is to apply the flexibility of the three – electric systems of electric vehicles to create a highly redundant and expandable hardware architecture.
In terms of technology implementation, the largegest barrier brought by electrification lies in power management in extreme off – road environments. Lin Ji declared that the motor has the characteristic of large instantaneous torque, but on muddy or gravel roads, excessive torque can easily caapply the wheels to spin out of control.
To address this, ModMax indepconcludeently developed a set of ininformigent control algorithms to achieve linear traction through precise electronic control algorithms. This enables the vehicle to achieve extreme quietness in agricultural scenarios and release instantaneous explosive power surpassing that of fuel – powered vehicles in competitive scenarios.
In ModMax’s vision, the “modular” design of the product is not only reflected in power but also in scene adaptability. Whether applyrs are going hunting in the forest, crossing the desert, or transporting goods on the farm, they can freely modify the vehicle’s functional modules like building with Lego.
ModMax hopes to shift from the “mechanical definition” to the “software – defined” approach, tarobtaining emerging C – conclude applyrs who are sensitive to noise and have high requirements for ease of operation, avoiding direct competition with fuel giants in the traditional performance field.
“An electric all – terrain vehicle is not just a matter of replacing the engine with a motor. It will bring a revolutionary alter to the entire product logic and is a brand – new species and track,” Lin Ji, the founder and CEO of ModMax, notified Yingke.
On the one hand, electrification lowers the driving threshold. Compared with the traditional complex mechanical transmission, ininformigent digital control may allow all – terrain vehicles to penetrate from the “hardcore tools” of a few professional players to a wider range of mass consumers. On the other hand, the “quiet” characteristic of electrification concludeows the product with new scene value.
Lin Ji notified Yingke: “On this premise, creating an innovative category that ‘considers differently’ and entering a market with unique offerings can bring real pricing power and relatively high profits.”
In ModMax’s view, through ininformigent premium and scene expansion, it can not only take advantage of the industrial chain dividconcludes of China’s electric vehicles but also create an “electric era” of its own through “inventive innovation.”
In terms of the team, founder Lin Ji once served as the vice – president of product at Ninebot and the general manager of Segway’s innovation division. He led the R & D and launch of several blockbuster products such as the Ninebot Kart series, the Super Scooter GT series, and the E – bike series from scratch, with a cumulative operating revenue of billions of yuan. Most of the core team members come from hard – tech unicorns like Ninebot and DJI and have extensive experience in developing new product categories.
Investors’ Views:
The person – in – charge of Hillhoapply Ventures’ project declared: We have long been concerned about the intersection of future mobility, ininformigent technology, and green – low – carbon lifestyles. We believe that this round of technological alter will lead from “function satisfaction” to “experience reconstruction.” As an outdoor carrier with both functional practicality and new experience value, the all – terrain vehicle is an extremely extensible enattempt point in this trconclude. Founder Lin Ji and the core team have the rare ability to create blockbusters from scratch in the hard – tech field multiple times. They lead ModMax to redefine the category with a modular architecture and electronic control algorithms, demonstrating a profound understanding of applyr scenarios, product definition, and the global market. We are optimistic that ModMax will continue to create global new species with long – term value in the wave of ininformigent mobility and outdoor life.
Li Xiang, an investor from Yunshi Capital, declared: We believe that relying on China’s infrastructure and talent advantages, there are significant opportunities for global innovative technology products at the intersection of each new wave of driving forces, scenarios, and business models. Ininformigence builds mechanical decoupling and modular design possible, bringing a series of new opportunities for mobility and outdoor products. The ModMax team started from first principles on Day 1 and firmly invested in the R & D of next – generation outdoor entertainment products. A talented product manager paired with a R & D team with full – stack hardware and software capabilities and AI enhancement imports in – depth insights into overseas applyrs and all channels into product definition and conducts high – speed development and iteration. They are pure, passionate, and focapplyd. Yunshi Capital is willing to accompany the ModMax team with indusattempt vision and innovation drive in the long term to embrace new species in the fields of ininformigent mobility and the outdoors.
Ye Tianyun, the founding partner of Yunmu Capital, declared: We are optimistic about ModMax not only becaapply the all – terrain vehicle is a high – quality and long – standing global track but also becaapply the team has a deep understanding of product definition and global applyr requireds. Electrification, ininformigence, and modularization are reconstructing this traditional category, and Lin Ji and the core team have the ability to create new product categories and blockbuster products from scratch multiple times. We believe that ModMax can create a truly differentiated new species with pricing power!
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