Montreal-based FTEX, a provider of precision motor-control systems for e-mobility applications, has raised C$485,000 in pre-seed financing. The round’s investors included Front Row Ventures, Fonds Ecofuel and two angel investors.
MONTREAL, QC / ACCESSWIRE / October 7, 2021 / FTEX, a pioneer in precision motor-control systems for smart e-mobility applications, has closed a pre-seed investment round of $485,000 for developing the company’s motor-controller designs driven by gallium-nitride transistors.
This round’s investors included Front Row Ventures and Fonds Ecofuel-as well as two of Canada’s largest private angel investors.
“FTEX is at the cutting edge of technology in a rapidly advancing industry,” said angel investor Robert Luxenberg. “More importantly, I am very impressed with the exceptional leadership of FTEX and the excellent team they have amassed. I only invest in companies with notable concepts and business plans, and formidable leadership and teams-and they must do good for the world. FTEX delivers on all the above.”
FTEX specializes in designing and developing powertrain systems for electric vehicles (EVs) that can increase EV range by 30% while generating economies in the use and maintenance of motors and batteries . In addition, FTEX’s technology is highly scalable, from low-power applications such as light EVs to higher-power automotive applications.
Designs of the Dynamic Drive TM
FTEX’s innovative Dynamic Drive TM motor controller (patent pending) is revolutionizing motor-control technology for commercial electric vehicles. With FTEX’s adjustable software-defined parameters, makers of EVs will immediately be able to offer more power on demand and extended range to users of their vehicles. The results include extended product lifetime and improved quality of user experience.
FTEX will use these funds for product development, expansion of its manufacturing and testing capabilities, and production of its first gallium-nitride motor controllers, to be delivered over 2022 on contracts estimated at nearly $1.5M US (as of September 30). FTEX is also hiring additional engineering talent for its team of 15-and growing-in Montreal, Canada.
For more information on FTEX’s powertrain solutions, visit ftex.ca.
About FTEX Inc.
FTEX is a pioneer in precision motor-control systems for small electric vehicles. By combining ultra-high-efficiency, gallium-nitride-based drivetrains with innovative, software-defined, solid-state transmission systems, our technology improves vehicle performance, extends range, and enhances rider experience. Our vision is to serve a range of 3kW, 5kW, 10kW, and 20kW systems.