MONTREAL, QC / ACCESSWIRE / August 30, 2022 / FTEX, a pioneer in connected drive systems for light electric vehicles, announced today that it has raised a total of $2.24 million CAD ($1.7 million USD) to date in equity financing.
The company recently closed an oversubscribed seed round, raising $1.75 million CAD ($1.4 million USD), co-led by TGIC 2 and the new cleantech fund Blue Vision Capital. A group of private investors also participated in the round.
FTEX aims to help light electric vehicle original equipment manufacturers (OEMs) who struggle with sourcing quality components, digitizing, and connecting their fleets. FTEX provides these OEMs with a full, plug-and-play electronics and software suite, including motor controller, IoT connectivity, mobile App, and analytics. With FTEX, traditional OEMs can quickly leapfrog their competitors and offer modern vehicles without increasing R&D time and costs.
CEO Ramee Mossa says: "We're very happy to close this new round of funding so we can focus on scaling up manufacturing and begin delivering the 65,000 pre-sold FTEX smart connected drives to OEM clients across North America, Europe, and Asia as well as to release the first version of the Evionics App for their end users."
Andres Bayona, former Economic Advisor at the highest level of government in Asia, Latin-America, and Canada, has taken the position of COO to implement FTEX's strategy for rapid international scaling. François Léger-Bélanger, former Senior Software Engineer at Microsoft, was recently promoted to Chief Product Officer. Amin Zabihinejad, formerly of Taiga Motors, and Luiz Martins, formerly of DanaTM4, have recently joined the engineering team. Gervais Rioux, former Olympic cyclist and founder and former CEO of Argon 18, and Richard Bériault, founder and former CEO of NetCorp, and a business developer and investor in the high-tech sector, have joined the management team to bring the FTEX solution to clients around the world. Martin Rioux, co-founder and former Vice President of Argon 18, has joined as an advisor.
"FTEX is looking to become a leader in the micro-mobility/EV sector by modernizing motor control technology on micro-mobility vehicles, allowing the shift to a greener and cleaner society," says Meir Rabkin, founder of Blue Vision Capital. "This investment is in line with our strategy to work with innovative and fast-growing startups that enable the reduction of GHG emissions and accelerate the transition to a low-emission economy. We look forward to supporting Ramee and the FTEX team in scaling their operations."
About FTEX Inc.
FTEX offers a complete suite of smart connected drive systems for light electric vehicles establishing a new standard for performance, connectivity, and control for e-bikes, e-kick scooters, mopeds, and more. FTEX's IoT capable controllers combined with the Evionics App provide riders with a more natural experience communicating directly with the motor controller of the e-bike and allowing for more control over the e-bike's feel and performance. To learn more about FTEX, please visit www.ftex.ca.
About Blue Vision Capital
Blue Vision Capital is a Montreal-based $40 million climate-tech venture capital fund that seeks to invest in capital efficient seed stage startups that address pressing environmental challenges whilst generating venture scale returns. For further information, please visit https://bluevisioncapital.com.
Media Kit here
Company contact
Silvana Huaman - FTEX
514-466-3839 / [email protected]
Media contact
Sue Toscano -Toscano Communications
781-754-0414 / [email protected]
SOURCE: FTEX INC