Protean Electric, which has its North American headquarters in Troy, announced the completion of a $40 million equity investment today as the initial closing of its Series E funding round. Protean is an automotive technology company and the world’s leader of in-wheel electric drive systems.
The investor group, which is led by Weifu High-Technology Group Co., a leading diversified automotive component manufacturer, and Oak Investment Partners, Proteans’ charter investor and a long-established, multi-stage venture capital firm.
“This investment supports Protean Electric’s position as the world leader of in-wheel motor technology and eDrive systems,” says Kwok-Yin Chan, CEO of Protean Electric. “As we win more customer projects, our investors are convinced our technology offers tangible vehicle level benefits.”
The Series E financing proceeds will support Protean’s on-going business activities and help to establish a global licensing model covering all key markets. Weifu have further invested in the relationship by agreeing to form a Joint Venture in China for the manufacture of ProteanDrive Pd18.
“We believe Protean Electric’s in-wheel motor technology will have a transformative impact on the industry and all vehicle users,” says Zuejun Chen, chairman of Weifu. “Protean’s wheel motors allow designers to develop vehicles focused 100 percent on client need, with more space, lower floors, greater comfort, and even vehicles you can walk into that will travel and park sideways. We are pleased to support Protean as a strategic partner.”