Indigo Tech Raises Capital, Adds Leadership, and Announces Partnership to Deliver Ultraefficient EVs
BOSTON, May 24, 2021 /PRNewswire/ -- Indigo Technologies, a lightweight electric vehicle OEM, founded by MIT professor Ian Hunter, and inventor of the world's first robotic wheel with integrated electric suspension and propulsion, announces the company has closed additional funding, now exceeding $110 million in total capital raised.
Indigo will use the new investment to fund the first-stage prototype builds of its electric vehicle entrants: Project Alpha and Project Bravo. The introduction of fully electric vehicles will usher in a new era of lightweight, ultra-efficient, affordable electric vehicle design without sacrificing ride handling, comfort, and functionality.
"The funding will allow us to build the prototypes of our product offerings and help drive mass adoption of our purpose-built EVs for the new gig economy and other essential services," said Will Graylin, Indigo's CEO. "Beyond our patented vehicle differentiation, our finance and insurance innovations will dramatically lower cost-per-mile for drivers and fleets and holistically accelerate sustainability."
With the new investment, Mark Norman, managing partner of autotech investment firm FM Capital, joined Indigo's Board of Directors. Mark's leadership experience includes roles as President of Zipcar and CEO of DaimlerChrysler Canada.
"Indigo's integrated electric suspension and propulsion technology is the catalyst for the revolution in EV development," Norman said. "We are excited to invest with Indigo as they transform the fast-growing global electric vehicle market and solve last-mile challenges for retailers."
Indigo Partners with JJE to Manufacture the IndiWheelsTM
Indigo also announces a deal with the world's global leader in electric motor manufacturing, Jing-Jin Electric (JJE). The deal will result in the optimization and manufacture of the motor core of Indigo's IndiWheelsTM, the world's first all-in-one powertrain with simultaneous in-wheel electric propulsion and electric active suspension.
"We are proud to be manufacturing these unique electric motors for Indigo. To be on the ground floor of Indigo's market-disrupting product line is a big opportunity for us," said Michael Duhaime, JJE Vice President, and President JJE North America. "The opportunity to work on a novel and exciting product that will transform the way the world views EV vehicles, specifically around sustainability, affordability and functionality is important to JJE and our commitment to being a pioneer of technical innovation."
"JJE's outstanding manufacturing expertise will bring our breakthrough robotic wheel EVs to life," said Graylin. "We are very pleased to have JJE as a partner to help us scale."
Expansion of Management Team
Indigo is also announcing several industry veterans to its leadership team to execute its go-to-market strategy, adding more than 75 years of combined industry experience.
New members of Indigo Technology's management team:
- Greg Tarr, Chief Strategy Officer, is the former leader of successful teams at Karma Automotive, Toyota, Deutsche Bank, Glympse, Rogers Ventures, and Axiata Ventures.
- Phil Van Wormer, Chief Commercial Officer, is a seasoned cleantech leader and Fortune 100 executive at GE Capital and Dupont, most recently CEO of evTS, an all-electric essential services vehicle company.
- Doug Frasher, VP of EV Design, joins the company after a successful career with Volvo, where he led advanced vehicle research and development.
Jonathan Li, VP of Product Management, an MIT engineer who designed the user experience for Motorola smartphones, most recently a program executive for autonomous vehicle user experience at Seres/SF Motors.
In addition to Ian Hunter, Indigo's founder, chief inventor, board member, and MIT professor, other new board advisors include:
- Peter Hazlehurst (current Synctera CEO, Uber, Google, Yodlee)
- Jason Luo (ELMS, Accuride, Ford China, Key Safety Systems)
- George Wallner (Samsung Pay/LoopPay, Hypercom)
- Harry Campbell (The Rideshare Guy)
About Indigo Technologies, Inc.
Indigo is delivering radically more efficient, comfortable and affordable EVs that are purpose built for ride hail, delivery, and essential services by leveraging its patented electric robotic wheel suspension and propulsion system. Indigo is also combining innovative fintech and insurtech from its partner OV Loop to make affordable transportation more accessible to everyone through an advanced mobility as a service platform.
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SOURCE Indigo Tech
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