Hypercraft Secures $6.5M in Seed Funding

Hypercraft, a Provo, UT-based provider of electric drive systems for vehicle manufacturers, raised $6.5M in Seed funding, at a post-money valuation of $51.5M.

The round was led by RevRoad Capital, with participation from individual investors and early customer angels. 

The company intends to use the funds to accelerate growth, expand team, EV battery research and development and capital expenditures to support scaled manufacturing.

Led by CEO Jake Hawksworth, Hypercraft builds and sells electric drive systems to a variety of B2C and B2B buyers, including customers in the on-road, off-road recreation, racing, resto-mod, fleet and marine industries. Its systems — built with all-new parts — include motors, battery management (BMS), high voltage junction box, high and low voltage wiring, CAN bus connectivity, software, display and throttle. Batteries are also included in the package price, and Hypercraft designs and builds its HyperPack batteries in capacities ranging from 20kWh to 120 kWh.

The company is collaborating with 17 unique vehicle manufacturers across multiple transportation segments, including marine, automotive, government, racing and commercial.