Suzuki’s VC arm invests in EV transmission tech startup Inmotive

• Inmotive is the inventor of the Ingear, an ultra-efficient multi-speed powertrain technology for a wide range of applications
• The Ingear reduces electric vehicle cost and weight, while extending range and increasing torque, acceleration, gradeability and top speed
• In 2020, Inmotive closed a Series A financing, raising C$7.5 million

Inmotive, a Toronto-based provider of two-speed transmission technology for electric vehicles, has secured a strategic investment from Suzuki Global Ventures. No financial terms were disclosed.

Suzuki Global Ventures was established in 2022 to accelerate the co-creation of activities between startups and Japan’s Suzuki Motor Corp. The investment follows the signing of a joint development agreement between the two companies in January.

Inmotive is the inventor of the Ingear, an ultra-efficient multi-speed powertrain technology for a wide range of applications. The Ingear reduces electric vehicle (EV) cost and weight, while extending range and increasing torque, acceleration, gradeability and top speed.

“This strategic investment further enhances our close working relationship with Inmotive and underscores our commitment to making investments that address key issues globally as well as our dedication to the Ingear technology,” said Toshihiro Suzuki, president of Suzuki Motor Corp, in a statement. “We are taking great strides toward a successful deployment of the Ingear on Suzuki vehicles and look forward to continuing down that path.”

In 2020, Inmotive closed a Series A financing, raising C$7.5 million. The round, which combined equity and convertible debt, was led by existing investor Up Capital.