Potential Motors closes $4 million CAD to improve off-road electric vehicle performance
Summary
For the off-road sector, Poirier says the transition to EVs “has to happen in the coming years.” “The drivetrain is one of the few parts of electric cars that run on older tech,” Brightspark Managing Partner Mark Skapinker told BetaKit. “Potential Motors is developing AI-assisted drivetrains, which means that drivers will indicate intent (e.g. turn on an icy patch) and the AI will determine the best way for each wheel to start, stop, or turn.” The startup’s latest funding is an extension of its $2.5 million CAD seed round in 2020, which was led by Build Ventures with participation from Brightspark Ventures and the NBIF. Amid the broader shift towards electric, connected, and autonomous vehicles, which has been fuelled by a combination of environmental impact-related regulations and technological advancement, Poirier argues that the importance of software has increased. Poirier believes that the rise of electrification, in light of new and looming regulations, presents “a unique opportunity” to take a closer look at off-road vehicles to assess “what they are and what they can be.” According to the CEO, because the off-road market is less regulated than the on-road market, “looking at advanced ways to improve this transition to electrification can happen a lot quicker versus waiting for regulations to change to be able to make these adaptations.” Potential Motors initially focused on converting gas-powered vehicles into cars with electric engines before shifting its business model to focus on software designed to improve the performance of automobiles. Additionally, the firm created a Special Purpose Vehicle fund designed to enable individual investors to invest alongside Brightspark.