Monumo, a Cambridge and Coventry, UK-based deeptech company that reinvents the electric motor, raised £10.5M in Seed funding to date.
Backers included LQD VC and undisclosed angels.
The company intends to use the funds to expand operations and development efforts.
Led by CEO and Founder Dominic Vergine and CTO Jaroslaw Rzepecki, PhD, Monumo combines deeptech innovation and machine learning with engineering expertise to redesign electric motors. Its patented technology has already produced a deeptech-generated design for a switched reluctance motor (SRM*) which reduces torque ripple by 50% across the drive cycle making it smoother and quieter. It has potential for wider applications across a wide range of the electric motors market.
The company has already signed NDAs with numerous tier one engineering companies and Original Equipment Manufacturers (OEMs).
Commenting on the news, Dominic Vergine said: “We’re extremely excited to be entering this next phase of our business journey. At Monumo, we are driven by a desire to create a sustainable future and we know that the EV market is a crucial entry point for our technology. By partnering with OEMs and tier one engineering companies, our unique combination of simulation, ML, AI and motor design ability can facilitate genuine near-term impact in the EV industry. These incredible results from our motor simulations are just the start as we look to create genuine system level optimisation for the first time. Naturally we’re excited about the company’s next phase of growth.”
FinSMEs
23/02/2024