Efficient Drivetrains, which had amassed $17.5m in capital, makes drivetrain systems for electric and hybrid-powered automotive vehicles based on research from UC Davis.
Efficient Drivetrains, a US-based manufacturer of drivetrains partly based on University of California (UC) Davis research, was acquired by industrial group Cummins for an undisclosed sum today.
The deal is expected to complete in the third quarter of 2018 subject to customary closing conditions.
Founded in 2016, Efficient Drivetrains manufactures drivetrain systems, an automotive module that powers for the wheels from the transmission system, for electric and hybrid-powered vehicles.
The products come with control software designed to enable cost-effective installation, and Efficient Drivetrains also offers professional services and technical support to its customers.
Cummins’ purchase will support its efforts to expand its presence in the electrified product segment, which has been boosted in recent months by the acquisition of drivetrain and battery maker Brammo and energy storage developer Johnson Matthey Battery Systems.
Efficient Drivetrains is based on the inventions of Andrew Frank, a professor in UC Davis’s mechanical and aerospace engineering department.
The spinout had accrued $17.5m altogether in equity and securities, according to regulatory filings, including $10.5m from a 2016 series C round co-led by private equity firm H&Q Asia Pacific and Jiaxing Daxin Investment Partnership.
The spinout also closed a $3.5m series A round in July 2014 led by Jinyuan Development Company and backed by Silicon Valley China Venture Partners together with Shanghai Gui Guo Assets Management Partnership.
Efficient Drivetrains then raised $3m in series B capital from an unnamed cleantech investor at an undisclosed date in a round subsequently opened to additional investors.
