Yasa Motors, a spin-out of Oxford University, has secured a £5m ($8.31m) investment round to support the development of its electric motors.
Parkwalk Advisors, a venture capital investor, led the round into the UK-based firm. The additional funds will be used to increase both production capacity and its commercial activities.
Chris Harris, chief executive of Yasa Motors, said: “We are naturally delighted at the support shown by our investors who share our view of the potential for our highly differentiated electric motors. The motors are now being integrated into products by an ever increasing number of customers across a wide range of markets including marine, agriculture, industrial and construction equipment along with automotive and aerospace. The additional financing will allow us to increase our production capacity to meet the anticipated demand and to expand our commercial organisation to better support our customers.”
