Archive — US — techcrunch
Conifer locks down $20M seed round for its ‘drop-in’ electric hub motor
Conifer, a new startup founded by engineers from Lucid Motors and Apple's EV project, secured a $20M seed round to develop a novel ‘drop-in’ electric hub motor using abundant ferrite magnets, avoiding rare earth dependencies. Their efficient design targets small mobility applications and aims to simplify the motor replacement process, capitalizing on a growing interest in electric motor innovation amidst supply chain challenges.
Key points
- Conifer raised $20M in seed funding from investors including True Ventures and MaC Ventures.
- The hub motor is made using ferrite magnets, reducing costs and supply chain risks related to rare earth elements.
- Conifer is targeting the small mobility market, offering a 'drop-in' replacement for existing hub motors without design changes.
- The company plans to start shipping production motors later this year and has garnered interest from various industries including lawnmowers and tractors.
- The startup aims to create highly automated 'microfactories' and believes its motors are simpler and less complex than car parts.
Why it matters
- The trend towards sustainable manufacturing in electric vehicles is in line with the 2025 IT goal of reducing supply chain vulnerabilities in tech production.
- There is a growing push for alternative materials in tech and automotive sectors that move away from rare earth dependence, paralleling efforts in battery technology.
- Conifer's approach aligns with current developments in automation and localized manufacturing strategies in the EV industry, which are critical for adapting to market demands.
Conifer's innovative approach to electric hub motors, backed by significant investment and a focus on supply chain sustainability, positions it well within the evolving landscape of electric mobility, potentially transforming small vehicle transportation through efficiency and ease of integration.