Coventry firm secures investment to launch ‘world’s most advanced e-motorcycle’
A Coventry business has completed a multi-million-pound funding round to launch what it claims is the world’s most advanced electric motorcycle.
Arc Vehicle has secured investment from Mercia Fund Managers’ EIS funds; the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund, Jaguar Land Rover’s venture capital fund InMotion Ventures, as well as a number of private investors.
The Vector, which is due to be unveiled today at the Milan Motorcycle Show, aims to be the cleanest and safest and motorcycle on the road.
It is accompanied by a connected helmet and ‘intelligent’ rider jacket which creates a ‘human machine interface’, feeding the user important information when riding.
The hand-made, lightweight vehicle is set to retail at £90,000.
Arc was founded by Mark Truman, who has spent two years developing the bike with a team of top engineers. As part of the deal, the company has appointed David Roberts – who has held senior roles at both Aston Martin and Chrysler – as chairman.
Truman said: “At Arc we have set out to create an electric motorbike with soul. We’ve taken technologies previously unexplored by bike builders to transform the way we ride. The funding will allow us to launch and market the Vector and put it into production.”
Lisa Ward, investment manager with Mercia Fund Managers, said: “Arc has created a step change in the way electric motorcycles have been built to date. Rather than adapting existing technology, Mark and his team set out to design an electric bike from scratch, one which surpasses everything else on the market. The funding will allow them to get production underway and fulfil their initial order book.”
