FTEX, a pioneer in connected drive systems for light electric vehicles, announced today that it has raised a total of $2.24 million CAD ($1.7 million USD) to date in equity financing.
FTEX offers a complete suite of smart connected drive systems for light electric vehicles establishing a new standard for performance, connectivity, and control for e-bikes, e-kick scooters, mopeds, and more.
FTEX aims to help light electric vehicle original equipment manufacturers (OEMs) who struggle with sourcing quality components, digitizing, and connecting their fleets.
CEO Ramee Mossa says: “We’re very happy to close this new round of funding so we can focus on scaling up manufacturing and begin delivering the 65,000 pre-sold FTEX smart connected drives to OEM clients across North America, Europe, and Asia as well as to release the first version of the Evionics App for their end users.”
FTEX provides these OEMs with a full, plug-and-play electronics and software suite, including motor controller, IoT connectivity, mobile App, and analytics. With FTEX, traditional OEMs can quickly leapfrog their competitors and offer modern vehicles without increasing R&D time and costs.
“FTEX is looking to become a leader in the micro-mobility/EV sector by modernizing motor control technology on micro-mobility vehicles, allowing the shift to a greener and cleaner society,” says Meir Rabkin, founder of Blue Vision Capital.
“This investment is in line with our strategy to work with innovative and fast-growing startups that enable the reduction of GHG emissions and accelerate the transition to a low-emission economy. We look forward to supporting Ramee and the FTEX team in scaling their operations.”