Mission Motors, a San Francisco, California-based developer of electric vehicle technology, had closed a $9.0m Series B financing round.
The round was led by global private equity firm Warburg Pincus, which is making an initial investment of $7.5 and has the right to make additional injections periodically, up to a total of $50m, at its discretion, with participation from Boulder, Colorado-based Infield Capital. This Series B round brings Mission’s total funding to date to $15.0m.
The company intends to use the funds to commercialize its electric powertrain technologies and expand its partnerships with original equipment manufacturers (OEMs).
Led by CEO Jit Bhattacharya, Mission Motors currently provides energy storage, drive systems, software intelligence and system integration to vehicle manufacturers, tier one suppliers and fleet managers.