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Potential Motors Secures $4 Million CAD to Improve Off-Road Electric Vehicles (EVs) Performance

February 14, 2022


Fredericton-based start-up, Potential Motors recently secured about $4 Million CAD in convertible debt seed funding to improve the performance of off-road electric vehicles (EVs). This funding is an extension of its initial $2.5 Million seed round in 2020 and is led by Montréal-based Brightspark Ventures, with participation from Atlantic Canada’s Build Ventures, the New Brunswick Innovation Foundation (NBIF), and new investor Time Ventures, Salesforce CEO Marc Benioff’s venture fund.

Potential Motors was founded in 2018 by Sam Poirier, Nick Dowling, and Isaac Barkhouse. The start-up’s current objective is to develop artificial intelligence (AI) – powered vehicle control software for electric side-by-side vehicles. This development will provide drivers with a top-notch performance through shifting terrain and a simplified vehicle architecture process for manufacturers. Side-by-side vehicles, which are also known as utility task vehicle (UTV) or recreational off-highway vehicle (ROV), are small, 1 to 6 person four-wheel drive off-road vehicles that are usually gas powered and can cost as much or more than cars.

Potential Motors aims to supply EV manufacturers with software and engineering services “for the next generation of electric side-by-sides.” The company also intends to license its software to auto manufacturers for use in the EVs. The CEO of the start-up, Sam Poirier pointed out that the use of software for technological advancement will continue to increase. “Really, the fundamental shift that’s occurring is that the value of vehicles is moving further away from hardware … and moving more towards software, which is a skillset that many of these [automotive manufacturers] don’t necessarily have today,” Poirier noted.

In addition to developing AI, the company will use the fund to grow its team to add three or four more team members.

As reported by Betakit.

Author: Bukola Adelusi


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