The amount serves as a first close of the series E round and has been provided by investors including Weifu High-Technology Group.
China-based electric vehicle (EV) motor producer Protean Electric has raised $40m from investors co-led by automotive component manufacturer Weifu High-Technology Group and venture capital firm Oak Investment Partners.
Protean develops in-wheel motor technology that enables longer drive ranges, improved torque response, enhanced handling and faster acceleration.
Weifu has also formed a joint venture in China for the manufacture of Protean’s technology, ProteanDrive Pd18, with a technology centre to be set up under the leadership of Protean’s existing one in the UK.
Protean previously obtained $70m in funding from auto part manufacturer Zhejiang VIE Science & Technology and automotive technology developer Tianjin THSG Corporation in 2016, with Oak, GSR Ventures and Go Scale Capital also participating.
In 2012, Protean received $84m from GSR, Oak, real estate and technology holding company Jiangsu New Times Holding Group and the city of Liyang in China’s Jiangsu Province.
