Hypercraft Inc., one of the industry’s first and leading providers of complete electric drive systems for vehicle manufacturers, announced today the successful completion of a seed funding round of $6.5 million at a post-money valuation of $51.5 million. RevRoad Capital led the round, with participation from individual investors and early customer angels.
Hypercraft is a high-growth company that RevRoad Capital has been interested in for over a year. Its leadership team combines innovative manufacturing experience and business ingenuity to provide vehicle manufacturers with a path to electrification. David Mann, managing director at RevRoad Capital, said the company is thrilled to partner with Hypercraft as it disrupts the rapidly growing EV sector in a variety of industries.
Hypercraft intends to use the funds to hire additional engineering staff, conduct EV battery research and development, and make capital investments to support scaled manufacturing. The company works with 17 different vehicle manufacturers in a variety of transportation segments, including marine, automotive, government, racing, and commercial.
Hypercraft co-founder and CEO Jake Hawksworth said, “Electric vehicles and battery technology are advancing at a breakneck speed right now and we’re grateful that RevRoad Capital sees our vision for an electric future powered by Hypercraft. Electric propulsion is the future, not only of transportation, but of performance. We’re here to lead the charge for our customers and to help steer the narrative toward all the exciting benefits of EV.”
Hypercraft has worked extensively with the racing industry and its sanctioning bodies to effectively endurance-test the performance of Hypercraft’s complete EV powertrain systems in extreme conditions. In 2022, Hypercraft was ranked fifth on the SEMA Launch Pad, and it also helped launch the first all-electric EV-spec class series for Ultra4 and King of the Hammers. Hypercraft also partnered with Canadian race car company Scalar Performance to debut Scalar’sSCR1 — a NASA-sanctioned amateur spec race car, based on the Toyota GR86 and powered by a 245kW Hypercraft electric drive system.