Ultraviolette Automotive announced that Qualcomm Ventures and Lingoto have joined the Series D round.
Allocation of funds
The investment from Qualcomm Ventures and Lingoto will be used to expand the company’s footprint in India, followed by expansion into other markets, and build on the brand’s technical capabilities and expertise.
Qualcomm Ventures invests in companies focused on 5G, AI, Automotive, IoT, Enterprise & Cloud, and XR/Metaverse. Qualcomm Ventures oversees approximately $2 billion in assets with more than 150 portfolio firms in the US, China, India, Israel, Europe, Latin America and Korea.
Lingotto (formerly Exor Capital) is a wholly-owned subsidiary of EXOR NV, which is owned by firms such as Ferrari (RACE.MI), Stellantis (STLA.MI), CNH Industrial (CNHI.MI), Iveco Group (IVG.MI) or Controls. ), The Economist Group, Via, and the soccer team Juventus. (JUVE.MI)
Commenting on the investment, Narayan Subramaniam, Co-Founder and CEO, UltraViolet said, “As we count down to the commercial launch of the F77 in India, this investment is a testament to the fact that we are a have been able to create a distinct identity. UltraViolet and F77 and create aspiration for the product among a global audience. We look forward to working with Qualcomm Ventures and Lingoto in our vision to redefine the future of electric mobility and make F77 a global phenomenon. Very happy to support.
Quinn Li, Senior Vice President, Qualcomm Technologies, said, “Qualcomm Ventures is proud to support Ultraviolette, which brings best-in-class technologies, design and engineering to raise the bar on performance and safety standards for electric two-wheelers. determined.” Inc. and global head of Qualcomm Ventures. “We look forward to accelerating this transformation by providing companies like UltraViolet with not only access to capital, but the opportunity to potentially leverage Qualcomm’s world-class technology innovations as a first in the automotive industry. Continued from.”
The Ultraviolet F77 will be commercially released on November 24, with an industry-leading IDC range of 307 km on a single charge. The company started pre-orders on October 23 and will introduce the product in a phased manner, with the first batch of motorcycles to be delivered in Bangalore.