Fledgling European firms raise finance in development push
A Danish, German and French trio have won cash backing from investors and public funds
Three European future mobility start-ups have raised finance this week as they look to scale their operations and bring their products to market.
Danish EV charging platform Monta closed an €80mn ($87mn) round of series B funding, securing investment from the likes of Energize Capital, Greenpoint Partners and Denmark’s state-backed Export and Investment Fund.
“Our research indicates Monta is the fastest-growing startup at its scale in the EV space,” says Juan Muldoon, partner at Energize Capital.
Monta will use this investment to expand its partner network and strengthen investments in product R&D.
Monta’s charging platform provides a single software solution for hardware manufacturers, operators, businesses and EV drivers.
Meanwhile German EV infrastructure company EcoG received a $1.5mn grant from the Michigan Strategic Fund to establish a base for operations in Detroit, MI.
EcoG develops hardware and software solutions for EV charging stations. Its charging stations had a 15pc market share in the EU at the end of 2022.
“Right now there is unprecedented momentum behind the EV transition in the US. EcoG’s solutions are acting as the catalyst for manufacturers in the US, making it simple to introduce American-built products into the EV charging market,” says EcoG CEO Joerg Heuer.
EcoG raised €6mn ($6.5mn) in its Series A funding round in 2022.
French start-up Heex Technologies, which has developed a data management platform for autonomous vehicles, has raised €6mn ($6.5mn) from a pool of investors, including the Dutch fund Shift Invest and the French fund Karista.
Autonomous vehicles manufacturers collect up to 5,000GB of data from each vehicle per hour for the purposes of software improvement, operations supervision and the sharing of insights with stakeholders and governing bodies. But only around 1pc of the data is relevant — creating a need for data management.
“To continue to exploit the formidable potential of AI and automation, the goal is now to only extract the necessary data rather than accumulate it endlessly; development teams do not need more data, they need better datasets,” says Bruno Mendes Da Silva, Heex CEO.