The round was led by venture capital firm True Ventures.
The company intends to use the funds to continue its research and development, focusing on the enhancement of its electric propulsion technology.
Founded in 2010 by Christopher Heiser and Jason Stinson, Renovo has operated in stealth mode for over four years to develop and refine its patent-pending electric vehicle technology nd recently launched its production prototype.
Powered by a patent-pending 740 volt lithium-ion battery pack, the Renovo Coupe uses two twin sequential axial flux motors producing more than 500 horsepower and 1,000 ft-lbs of torque, available immediately from a complete stop. The powertrain allows the car to attain 0-60 MPH in 3.4 seconds.
The Renovo Coupe is on sale now in limited quantities and will begin shipping in 2015.