Volvo Cars Tech Fund

Electrifying passenger and commercial travel

EV Economy

Freewire offers DC fast-charging infrastructure for EVs. The company offers two charging solutions: Boost Charger, a fixed charging station, and Mobi Charger, a mobile charging station. The company sells its charging stations to site owners but does not participate in charging revenue. Freewire’s high-profile customers include Microsoft, bp, Facebook, Uber, and Walmart.&nbsp;In <a href="https://sp-edge.com/updates/27235">February 2024</a>, the company launched its Boost Power Pro EV charger with several new features, including built-in energy storage for power sharing, blackout charging, site backup power, and grid services.FreeWire plans to develop a 66,000-square-foot R&amp;D facility in California. Construction of the facility is underway and is expected to be fully operational by Summer 2022. The company also expects to roll out AMP Pro, a distributed energy management service platform, in 2022, followed by a Charging-as-a-Service solution in 2023.Freewire states that its Boost Charger delivers up to 100 miles with just 10 minutes of charging and has a 70% lower energy cost to the operator compared to conventional solutions. The Mobi charger is battery-powered and does not require a permanent connection to the grid; once the charger is charged using grid power, it can be detached and moved to any location.&nbsp;Key customers and partnershipsIn October 2022, the company partnered with <a href="https://sp-edge.com/updates/13575">Patriot Capital Corporation</a>, a company providing leasing and business equipment financing, to provide a vendor financing option for Boost Charger purchases. In the same month Freewire also partnered with <a href="https://sp-edge.com/updates/13636">Voltus</a>, to provide flexible battery charging load to utilities and wholesale electricity markets in North America and also create additional revenue opportunities for the company’s client base. In December 2022, the company acquired <a href="https://sp-edge.com/updates/15226">Mobilyze.ai</a> to use its charging analytics and prediction platform to expand FreeWire’s service offerings and support customers to make data-driven decisions regarding charging station deployment.In June 2023, Freewire partnered with <a href="https://sp-edge.com/updates/19483">Sagelio</a>, where the latter agreed to distribute Freewire’s product, “Booster Charger”, in Italy. In January 2024, the company partnered with <a href="https://sp-edge.com/updates/25931">General Motors</a> (GM) to expand ultrafast EV charging infrastructure for GM Envolve's fleet and commercial clients.Funding and financialsFreewire’s most recent funding event was in April 2022, when it raised USD 125 million in a Series D round. The proceeds were to be used to accelerate international market expansion, hiring, and R&amp;D.

Israel-based StoreDot develops an extreme fast-charging (XFC) electric vehicle (EV) battery that can be fully charged in five minutes and provides a range of up to 100 miles (compared to 75 miles of a Tesla Model 3 after being connected to a supercharger for five minutes).StoreDot also claims that its batteries would not cost more than conventional lithium-ion batteries and would follow a similar cost reduction curve in the future. StoreDot batteries achieve this fast-charging capability through a holistic approach that uses AI and machine learning to combine its proprietary organic compounds with nanomaterials.Key customers and partnershipsStoreDot partnered with the Chinese battery manufacturer EVE Energy to support the commercialization of XFC batteries. The agreement covered the intention to set up a joint venture for mass production. StoreDot unveiled its first EV battery prototype that can fully charge in 10 minutes in September 2021, with a plan for mass production via traditional lithium-ion battery manufacturing lines in 2024. The company also planned to offer extreme energy-density (XED) technology to the mass market by 2028.In <a href="https://sp-edge.com/updates/15719">January 2023</a>, StoreDot partnered with Italvolt, where the latter licensed StoreDot’s XFC technology and intellectual property rights to manufacture XFC lithium-ion batteries at its plant in Italy. In <a href="https://sp-edge.com/updates/17969">April 2023</a>, the company signed a joint development agreement with VinES to jointly research, develop, and offer XFC battery cells in different form-factors in readiness for the commercialization of XFC batteries. In <a href="https://sp-edge.com/updates/22832">September 2023</a>, StoreDot signed a multi-year agreement with Volvo Cars to develop an EV battery for the upcoming generation of Volvo EVs.In <a href="https://sp-edge.com/updates/12871">September 2022</a>, StoreDot shipped EV cell samples to strategic EV OEM partners including Daimler, VinFast, Volvo, Polestar, Ola Electric, and other automotive players for real-world testing. In <a href="https://www.store-dot.com/press/storedot-makes-progress-on-manufacturing-extreme-fast-charge-batteries-on-three-continents-nearing-mass-production-readiness">May 2023</a>, the company announced plans to develop manufacturing operations across three continents, namely the US, Europe, and Asia, in order to cater to its customers within their local geographies, reduce carbon impact, and achieve just-in-time production efficiency. The company will do so by collaboratively producing the batteries at existing and future gigafactories, with production set to commence in 2024. Furthermore, in <a href="https://sp-edge.com/updates/22833">October 2023</a>,, StoreDot signed a strategic partnership agreement with Flex|N|Gate to produce StoreDot’s 100in5 battery cells at Flex|N|Gate’s lithium-ion cell pilot factory in Windsor, Ontario, in 2024. In <a href="https://sp-edge.com/updates/23987">November 2023</a>, the company partnered with Polestar to explore and apply XFC technology in EVs.In <a href="https://sp-edge.com/updates/27478">March 2024</a>, StoreDot signed a strategic manufacturing agreement with EVE Energy. Additionally, the company also licensed its technology to EVE.Funding and financialsStoreDot’s most recent funding was in April 2022, when it raised an <a href="https://sp-edge.com/updates/9803">undisclosed amount </a>from Volvo Cars Tech Fund. Previously, in January 2022, the company raised USD 60 million in a Series D round. The proceeds were to be used to fund R&amp;D activities. In March 2021, StoreDot was rumored to be in negotiations for a SPAC listing at a valuation of USD 3.5 billion but has not disclosed any specific plans to date.

Autonomous and connected technologies shaping the future of the auto industry

Auto Tech

Luminar Technologies manufactures LiDAR sensors for passenger cars, commercial trucks, and robotaxis as well as safety and driving assist tools. Its key product offerings include a LiDAR sensor solutions “Iris” and <a href="https://sp-edge.com/updates/28711">“Halo,” </a>and a full-stack autonomous software system for vehicles “Sentinel.”&nbsp;Iris, launched in 2019, is a long-range detection LiDAR sensor that can detect dark objects at night up to 250 meters away and a field of view (FoV) of 120 x 28 degrees. Iris uses longer waves of laser light of 1,550 nanometers compared to the typical 905nm length and is suitable for high-volume manufacturability (10,000 to 1 million+ vehicles). Luminar began commercial volume production of Iris <a href="https://sp-edge.com/updates/14217">in Q3 2022. </a>The company launched an improved version dubbed <a href="https://sp-edge.com/updates/16758">“Iris+'' </a>in March 2023, with a detection range of 300 meters. Its Halo LiDAR sensor is a compact, low-cost LiDAR solution pitched toward vehicles, including low-cost cars.Sentinel, unveiled in March 2021, is a full-stack autonomous software system for series production vehicles that offers proactive collision avoidance warnings and highway autonomy (on beta as of December 2023). Sentinel is powered by Luminar’s lidar technology, proprietary perception software, HD mapping technology, and control and planning software. The company also unveiled an automatic emergency steering (AES) feature integrated with its Iris Plus sensor <a href="https://sp-edge.com/updates/25360">in January 2024. </a>The solution can spot potential obstacles, with a range reaching up to 300 m under suitable conditions, and initiate driving strategies. As of January 2024, Luminar Technologies had 210 patents issued and pending.&nbsp;The company has manufacturing facilities in Florida, California, Colorado, and Mexico.Luminar has acquired several companies including chip design and component suppliers Black Forest Engineering (2018) and OptoGration (July 2021), high-performance laser manufacturer Freedom Photonics (March 2022), HD mapping and localization technology company Civil Maps <a href="https://sp-edge.com/updates/15795">(Q2 2022), </a>and the lidar division of data storage company Seagate (March 2023).<a href="https://sp-edge.com/updates/29109">In May 2024, </a>Luminar Technologies laid off 20% of its workforce (about 140 employees) as part of a restructuring strategy to adopt an "asset-light" business model and boost production. The company also planned to sub-lease certain facilities to reduce its global footprint.Luminar generated revenue of USD 69.8 million and incurred an operating loss of USD 563.3 million during the year ended December 2023.&nbsp;Key customers and partnershipsAs of November 2024, the company had 50+ commercial customers including Tesla,&nbsp;<a href="https://sp-edge.com/updates/28711">Volvo,</a> Daimler and its subsidiary Torc Robotics, Pony.ai, Intel's Mobileye, Mercedes-Benz, Nissan,&nbsp;<a href="https://sp-edge.com/updates/23722">Polestar,</a> SIAC, and Kodiak Robotics.The company has manufacturing partnerships with electronic companies Celestica and Fabrinet (May 2021) and Zenseact, a unit of Volvo cars (March 2021). It also works with TPK, a Taiwan-based manufacturer of electrical components, to build and operate a high-volume LiDAR factory in China (announced in <a href="https://sp-edge.com/updates/17749">April 2023). </a>The company partnered with Applied Intuition <a href="https://sp-edge.com/updates/28711">in April 2024, </a>to develop sensor simulator-validated LiDAR models.

CorrActions is an Israel-based startup that offers a driver monitoring system using sensors in cars. It uses steering wheel sensors and pressure-based seat sensors as well as motion data from apps used by fleet managers to detect drivers’ micro muscle movements and determine their cognitive states such as if the driver is tired, distracted, or intoxicated. In addition, the system can be used to monitor the motion sickness levels of passengers in autonomous vehicles using a camera-based system or millimeter wave radar. Key customers and partnershipsAs of April 2023, CorrActions was working with several unnamed OEMs and fleet companies to help monitor drivers’ states. Funding and financials<a href="https://sp-edge.com/updates/17939">In April 2023, </a>CorrActions received a strategic investment from Volvo Cars Tech Fund as a part of its Series A round, which targeted to raise USD 6 million. The company intended to utilize the funds to further develop and commercialize its technology.

Earth-friendly biotech solutions for the textile, packaging and construction industries.

Bio-based Materials

Based in Switzerland, Bcomp offers high-performance, lightweight natural fiber composite made using flax fibers derived from the indigenous flax plant. Bcomp offers two technology solutions “AmpliTex” and “PowerRibs” for the automotive, motorsports, marine, and aerospace industries. AmpliTex is a reinforcement fabric range and PowerRibs is a reinforcement grid, which is used together for weight and plastic reduction for a range of applications such as motorsport bodywork, automotive interiors, and space satellite panels. The two solutions are considered to be a sustainable alternative to carbon fiber composite materials and offer performance similar to that of carbon-fiber composite materials including high vibration damping, and weight reduction properties.&nbsp;&nbsp;Bcomp claims that its solutions offer 30% higher cost-efficiency compared to carbon fiber composites, weight reduction by 50%, and reduce CO2 emissions and plastic use by 85% and 70% respectively. In addition, the solutions are compatible with existing manufacturing processes and molds used for carbon fiber composites and eliminate the need for traditional consumable items in manufacturing such as breathers and bleeders, reducing costs. As of July 2024, the company operates a production facility in Fribourg, Switzerland (capacity level undisclosed).Key customers and partnershipsBcomp’s solutions have been used by leading automotive manufacturers such BMW, Volvo, and Porsche as well as in motorsport series such as Formula E and Formula 1. For instance, BMW has tested and validated ampliTex and powerRibs products in its motorsports cars for various exterior and interior bodywork since 2019 and is planning to integrate ampliTex and powerRibs into its road cars in the future.Funding and financials<a href="https://sp-edge.com/updates/9613">In March 2022,</a> Bcomp raised CHF 32.4 million (USD 35 million) in Series B funding led by a group of strategic investors including BMW iVentures, Volvo Cars, and Porsche Ventures. In <a href="https://sp-edge.com/updates/28822">April 2024</a>, the company raised 40 million in Series C funding to expand production capacity and facilitate the company's expansion into new markets in Asia and North America.

New technology allows individuals and organizations to become carbon intelligent

Carbon Management Software

<div>
 
 UK-based Circulor provides a blockchain-based SaaS solution for businesses to trace the sustainability of their raw materials across the supply chain. Specific use cases include tracking the use of recycled materials along the supply chain and ensuring that raw materials are sourced from verified suppliers.&nbsp;
 
 
 Circulor collects information on material flows and verifies that they follow the rules pre-defined by businesses. These may include information such as elapsed time, mass balance calculations, responsible sourcing standards, or energy use. After collecting and verifying the information, Circulor records the findings on a distributed ledger, which can then be accessed by any party that has permission.&nbsp;
 
 
 Key customers and partnerships
 
 
 The company had onboarded several high-profile customers, including automakers Mercedes and Volvo, which use Circulor to trace the sustainability of their electric vehicle battery materials. Other known customers include 
 <a href="https://sp-edge.com/updates/6254">
 Urbix
 </a>
 (a battery-grade graphite processor), 
 <a href="https://sp-edge.com/updates/6449">
 North Coal
 </a>
 (a Canadian steel maker), 
 <a href="https://sp-edge.com/updates/8199">
 Element 25
 </a>
 (an Australian producer of manganese products) and 
 <a href="https://sp-edge.com/updates/10553">
 BlackEarth
 </a>
 (an Australian producer of graphite products).&nbsp;
 
 
 In January 2023, Circulor partnered with StoreDot to track the origin and CO2 emissions of raw materials used in battery cells, enhancing transparency and supporting regulatory compliance. In February 2023, Circulor collaborated with Sociedad Qu&iacute;mica y Minera (SQM) to provide traceability for lithium, enabling downstream automakers like Volvo Cars to access information from source to final product and track emissions. In March 2023, Circulor partnered with Deloitte to assist organizations in implementing supply chain transparency, monitoring environmental and human impacts, promoting responsible sourcing, and enabling circular economy business models. The company entered into a similar collaboration with KPMG in May 2023. In January 2024, Circulor partnered with Automotive Cells Company (
 <a href="https://sp-edge.com/updates/25640">
 ACC
 </a>
 ) to assess the carbon emissions of EV battery cells.
 
 
 Funding and Financials&nbsp;
 
 
 Circulor&rsquo;s most recent funding round was in 
 <a href="https://sp-edge.com/updates/11455">
 June 2022
 </a>
 , when it raised USD 25 million in a Series B funding round led by Westly Group. Previously in June 2021 the company raised USD 14 million in a Series A funding round led by The Westly Group to drive innovation and extend its presence in North America and Asia. Prior to this, in July and December 2020 and March 2021, Circulor raised undisclosed amounts from InMotion Ventures, Volvo, Total Carbon Neutrality Ventures, SYSTEMIQ, and Plug and Play
 
</div>

Technologies bringing about a new reality

Extended Reality

Varjo is a Finnish developer of mixed reality hardware and software solutions for enterprises, with use cases such as design and engineering, research, medical, and training and simulation. In <a href="https://sp-edge.com/updates/30542">June 2024</a>, the company announced Teleport, a tool capable of converting real-world locations using a smartphone, which can subsequently be spatially explored on a PC VR headset In <a href="https://sp-edge.com/updates/33478">September 2024</a>, Varjo opened a mixed reality manufacturing facility in Finland to meet the increasing demand for high-resolution XR solutions in defense training and simulation.The company’s product portfolio, compatible with Unity, Unreal Engine, OpenXR 1.0, and other professional 3D software, including Autodesk VRED and FlightSafety Vital includes the following:- The Varjo XR-4 mixed reality headset series, launched in <a href="https://sp-edge.com/updates/24373">November 2023</a>. The XR-4 Focal Edition (priced at EUR 9,990 or ~USD 10,930) claims to be the first headset that allows gaze-directed autofocus mixed reality pass-through features, which mimic the behavior of the human eye. The standard XR-4 headset is priced at USD 3,990 while the XR-4 Secure Edition (with enhanced safety features for government clients) is priced at EUR 7,990 (~USD 8,740). Notable features available across the series include the use of dual 4K x 4K displays providing a resolution of 51 pixels per degree (PPD), a 120° x 105° field of view (FOV), 20 Mpx cameras with LiDAR resolution, and 3D spatial audio.- The Varjo Aero (launched in October 2021) priced at USD 890, focuses on flight, driving sim capabilities and gaming purposes. Notable features include a per-eye resolution of 2,880 x 2,720 (31 PPD) via mini-LED displays, a 134° x 115° FOV, and support for eye-tracking. In January 2024, the company stated that its webstore inventory of the headset was permanently sold out, but that it would continue to support Aero till the end of 2025.- The Varjo XR-3 (launched in December 2020) is priced at USD 5,995. Key features include a 115° FOV, with a screen resolution of 70 pixels per degree, depth awareness with LiDAR and stereo RGB video pass-through, and inside-out tracking, alongside integrated Ultraleap hand-tracking features.The company also offers subscriptions for the XR-3 (priced at EUR 1,495 or ~USD 1,640 per year) and VR-3 (priced at EUR 795 or ~USD 870) that give users access to new features, performance improvement updates, commercial software licenses, and business support.Key customers and partnershipsNotable clients include Boeing, Volvo, Audi, Rivian, and Siemens.As of February 2022, Varjo had a distribution network of more than 35 retailers, including GameStop in North America and others across Europe, Asia Pacific, and the Middle East. It also launched sales and direct shipping to markets, including Singapore, Israel, South Korea, Australia, and New Zealand.In <a href="https://sp-edge.com/updates/33475">September 2024</a> Varjo partnered with Dogfight Boss to deliver a mixed reality F-16 simulator to the Ukrainian Air Force. Previously, in <a href="https://sp-edge.com/updates/31365">July 2024</a>, the company partnered with Dassault Systèmes to allow users of its applications to visualize and iterate on 3D models, using Varjo’s XR-4 headset.Notable recent partnerships in 2023 included the following:- BAE Systems: To develop Project OdySSEy, a unified synthetic environment for future military training, allowing air, land, sea, space, and cyber forces to train together in a virtual setting (<a href="https://sp-edge.com/updates/22027">September 2023</a>)- NVIDIA: To support its Omniverse and Open Universal Scene Description (OpenUSD) interoperability initiatives, providing developers with ray-tracing tools (<a href="https://sp-edge.com/updates/20881">August 2023</a>)- US Department of Defense, US Army: To supply its MR headsets for military training (<a href="https://sp-edge.com/updates/21072">August 2023</a>)

Smart Homes: Energy & Water Solutions

Dcbel is a Montréal-based cleantech company that develops smart home energy products. Its flagship offering is the r16 Home Energy Station, an all-in-one home energy solution that enables bidirectional electric vehicle (EV) charging. The device allows customers to charge their EVs using solar panels and stationary batteries, and leverage the energy stored in their EV batteries to power their homes.
The r16 Home Energy Station includes a solar and stationary battery inverter with built-in artificial intelligence (AI) capabilities. The AI learns from a home's historical energy consumption data and predicts its energy needs, securing the cleanest and most cost-effective electricity. The device helps users save money when energy prices peak and earn money by contributing to the stability of the overall power grid.
In August 2023, Dcbel closed over USD 50 million USD in Series B funding, led by the climate-focused Montréal growth fund Idealist Capital. This up-round financing will enable Dcbel to accelerate the delivery of its r16 Home Energy Station. The company described the r16 as the first in a suite of products designed to help homeowners reduce everyday costs.

Bringing the benefits of blockchain to the enterprise

Enterprise Blockchain Solutions

Circulor offers a blockchain-based solution to track materials, emissions, and compliance, thereby assisting companies in gaining visibility into their supply chains. This increased visibility allows businesses to demonstrate responsible sourcing, improve their Environmental, Social, and Governance (ESG) performance, manage supply chain risks, and reduce greenhouse gas (GHG) emissions​​.Circulor's product offerings can be divided into three core areas: Traceability, Sustainability, and Risk Management. Traceability products track the origin and flow of raw materials through production processes within manufacturing and recycling supply chains. This granular, real-time data enables the tracking of emissions and associated ESG data, demonstrating responsible sourcing, sustainability, and circularity​​.Its Sustainability products enable clients to dynamically measure their attributed and inherited emissions at each stage of the supply chain, enhancing current lifecycle assessment approaches. This allows businesses to define their ESG KPIs, measure and compare the sustainability credentials of their suppliers, and benchmark against overall ESG targets​​.In the area of Risk Management, Circulor’s products augment traceability data with data from third-party sources to investigate supply chain participants and identify potential risks. This includes identifying anomalies and deviations across the supply chain, flagging to the responsible organization, and downstream participants for corrective action with a full audit trail on the blockchain​​.Key customers and partnershipsCirculor partnered with Polestar, an electric performance car manufacturer, in June 2020 to help the latter track a wide range of raw materials, aiming to achieve more sustainable supply chains and provide transparency to consumers​​.In January 2023, Circulor partnered with StoreDot to track the origin and CO2 emissions of raw materials used in battery cells, enhancing transparency and supporting regulatory compliance. In February 2023, Circulor collaborated with Sociedad Química y Minera (SQM) to provide traceability for lithium, enabling downstream automakers like Volvo Cars to access information from source to final product and track emissions. In March 2023, Circulor partnered with Deloitte to assist organizations in implementing supply chain transparency, monitoring environmental and human impacts, promoting responsible sourcing, and enabling circular economy business models.Funding and financialsThe company raised USD 25.0 million in Series B funding in June 2022 led by the Westly Group. The investor pool included both new and existing investors, including corporate venture capital funds from the likes of Volvo Cars, BHP, and Salesforce. The proceeds were used for geographic expansion, primarily focusing on the North American market.

Next-gen Displays

Varjo is a Finnish company specializing in advanced virtual reality (VR), augmented reality (AR), and mixed reality (XR) technologies for professional and enterprise use. Founded in 2016, Varjo develops high-resolution VR/XR headsets and software solutions that aim to merge virtual and real worlds with human-eye resolution. The company's flagship product, the XR-4 headset, launched in November 2023, features 4K displays, a 50% wider field of view compared to previous models, and two 20-megapixel cameras for mixed reality capabilities. Varjo's technology enables professionals in industries such as automotive, aerospace, and engineering to work in immersive 3D environments with unprecedented visual clarity.
Varjo's business model focuses on providing enterprise-grade VR/XR solutions for industrial applications rather than consumer markets. The company offers its headsets through direct sales and a network of over 40 international distributors. In 2022, Varjo reported net sales of EUR 22.7 million, more than doubling its revenue from the previous year. The company has also introduced innovative services like Teleport, which allows users to create and share photorealistic virtual recreations of real-world locations using an iPhone.
In June 2022, Varjo launched its Reality Cloud service, enabling cloud-based streaming of XR content for improved collaboration among remote users. The company has made several technological advancements, including the development of eye-tracking technology and human-eye resolution displays. Varjo's products support popular third-party VR/XR software and come with enterprise-grade customer support.
Key customers and partnerships
Varjo's customer base includes leading companies across various industries. In the automotive sector, 15 of the world's 20 largest manufacturers use Varjo's technology, including Volvo Cars, Audi, and Kia. The aerospace industry is another key market for Varjo, with Boeing utilizing its products for simulation and pilot training, including the Starliner program with NASA.
Approximately 25% of Fortune 100 companies in the US were using Varjo's VR/XR technology. The company has also secured the US Armed Forces as a customer for training helicopter pilots. In the aviation industry, Varjo partnered with both Airbus and Boeing, and in 2021, the European Union Aviation Safety Agency registered its first official virtual reality-based aviation training using Varjo's headsets.

Empowering efficiency, visibility and collaboration throughout supply networks

Supply Chain Tech

Circulor offers a blockchain-based solution that enables companies to gain visibility into their supply chains, thereby helping track materials, emissions, and compliance. The company’s product offerings can be divided into three core areas: traceability, sustainability, and risk management. Traceability products track the origin and flow of raw materials through production processes within manufacturing and recycling supply chains. This granular, real-time data enables the tracking of emissions and associated ESG data, enabling responsible sourcing, sustainability, and circularity​​.Its sustainability products enable clients to dynamically measure their attributes and inherited emissions at each stage of the supply chain, enhancing current life cycle assessment approaches. This allows businesses to define their ESG KPIs, measure and compare the sustainability credentials of their suppliers, and benchmark against overall ESG targets​​.In the area of risk management, Circulor’s products augment traceability data with data from third-party sources to investigate supply chain participants and identify potential risks. This includes identifying anomalies and deviations across the supply chain and flagging them to the responsible organization and downstream participants for corrective action with a full audit trail on the blockchain​​.Key customers and partnershipsThe company offers its platform and solutions to leading companies including Sky, Boeing, Polestar, Volvo, Polstar, Posco Chemical, and Finnish Mineral Group .In October 2024, Circulor&nbsp;<a href="https://sp-edge.com/updates/34313">partnered</a> with Rockwell Automation, an industrial automation company, to improve supply chain transparency. The collaboration aims to offer advanced traceability solutions for manufacturers in auto, tire, and battery industries. Earlier, In January 2024, Circulor partnered with Automotive Cells Co (ACC), a European battery maker, to trace supply chains' sustainability and carbon emissions. As part of the collaboration, Circulor and ACC was to track the origins and carbon emissions of the raw materials used in ACC's electric vehicle battery cells. This partnership intended to validate their supply chain operations, ensuring they are sustainable and responsible. This initiative was taken in anticipation of Europe's planned "battery passport" that will require transparency about the environmental impact of batteries sold within the region.Funding and financialsThe company raised USD 25.0 million in Series B funding in June 2022 led by the Westly Group. The investor pool included new and existing investors, including corporate venture capital funds from Volvo Cars, BHP, and Salesforce. The proceeds were used for geographic expansion, primarily focusing on the North American market.&nbsp;

Empowering the modern soldier with cutting-edge technology

Military Tech

Varjo is a Finnish company founded in 2016 that develops advanced virtual reality (VR), augmented reality (AR), and mixed reality (XR) headsets and solutions primarily for enterprise and professional use cases. The company's core technology focuses on delivering human-eye resolution and photorealistic visual quality in VR/XR experiences. Varjo's headsets feature high-resolution displays, wide field of view, eye-tracking capabilities, and advanced optics to provide clarity and visual fidelity surpassing most consumer-grade VR devices.Varjo's latest product line includes the XR-4 series, launched in November 2023, which offers 4K per eye resolution, a 120-degree horizontal field of view, and features like auto-focus cameras for enhanced mixed reality capabilities. The company also previously offered the Varjo Aero, a more consumer-oriented high-end VR headset, though this model was discontinued in January 2024. Varjo's technology is used across various industries including automotive design, aerospace, training and simulation, engineering, and research.In June 2024, Varjo introduced a new service called Teleport, which allows users to create photorealistic 3D captures of real-world environments using just an iPhone. This technology aims to simplify the creation of virtual environments for training, remote assistance, and other enterprise applications. Varjo's products integrate with popular 3D engines and software platforms, including support for Nvidia's Omniverse platform for real-time ray tracing and photorealistic rendering in mixed reality.

RemotiveLabs is a developer of an automotive software development platform designed to streamline the vehicle manufacturing process.

Bcomp is a Fribourg-based startup that specializes in natural fiber composites. Bcomp has developed and patented technologies allowing the fabrication of structural parts from natural fibres. The company's IP is composed of a patent and several years of developments of specific processing technologies derived from the aerospace or marine industry. While  increasing and consolidating our R&D efforts through a network of academic partners, the company develop  products in close collaboration with the company'scustomers to account for their specific needs.

Physics-based adaptive charging for software-defined batteries. We help the world’s leading automotive and consumer electronics brands deliver superior charging experiences. Our dream is that one day everyone will breathe clean air. That's why we make batteries better.

CorrActions is a software-based platform that's used in a product with human-machine interaction.

Dcbel offers AI-driven sustainable technologies which enable people to leverage solar energy to power their cars, homes, and lifestyles. Dcbel's mission is to deliver energy that lets people live a life without compromise. Dcbel (formerly known as Ossiaco) sits at the nexus of residential solar power, electric vehicle charging, the smart home, and customer-centric utilities. The dcbel team has a proven history of rethinking energy distribution for everything from large utility customers to distributed energy resource providers. Dcbel has numerous worldwide patents in power electronics and power conversion and is backed by a number of respected investors.

LEADRIVE is a technology company that focuses on the research and development, production, and sales of new energy vehicle drive solutions and high-performance domestic power semiconductor modules. The company is developing a variety of high-performance motor controllers and self-developed power modules for new energy vehicles, which have won domestic and foreign first-line passenger cars more than 10 models of OEMs and Tier-1 suppliers have been mass-produced and designated, and OEM certification progress for silicon carbide modules and electronic controls is in progress. LEADRIVE is also constantly investing and innovating in the field of new energy equipment such as wind energy, solar energy, and energy storage, and has taken the lead in realizing the localization of power semiconductor modules. LEADRIVE and Japan Rohm Semiconductor have established a joint laboratory to complete the iterative development of a variety of silicon carbide modules and realized simulation, testing, and efficiency from the device, and electronic control, to vehicle-level, promote.

RIIICO is an information technology company that specializes in the fields of software and artificial intelligence.

Humane is a platform that creates and sells consumer hardware, software, and services that feel familiar, natural, and humane. The company is dedicated to creating cutting-edge technology that is both human and natural-feeling.

Varjo (pronounced var-yo) makes revolutionary VR/XR hardware and software that together allow you to see and experience virtual and augmented content just as clearly as you see the analog world around us. Our virtual reality and mixed reality take you to another level of performance and emotional immersion – recreating the exact feeling and conditions of real life, allowing you to perform better and learn faster. Varjo's customers include industry leaders such as Aston Martin, Boeing, Lockheed Martin, Audi, Volvo Cars, Aston Martin, Siemens,  Ultimately, we are building the technology for a metaverse of the future, transforming the way people work, interact, and play. www.varjo.com

Circulor uses blockchain and AI to cut the cost of traceability and due diligence in raw materials supply chains. Its pioneer customers include car manufacturers, EV battery manufacturers, commodity traders, and miners who collectively want to pioneer more effective approaches to responsible sourcing. Circulor was founded in 2017 and is headquartered in London, England.

The extreme-fast charging battery pioneers StoreDot is a battery developer and materials innovation leader, developing ground-breaking battery technologies based on the design and synthesis of both organic and inorganic compounds. Replacing known materials and technologies with enhanced electro-chemical properties, StoreDot's proprietary compounds, combined with nano-materials, are optimized for Extreme Fast Charging - XFC of electric vehicles. Designed to replace known technologies by means of enhanced physical, chemical, electrical and optical properties, StoreDot’s technology, inspired by nature, can be optimized for multiple industries, including fast-charging batteries for mobile devices and electric vehicles. With a strong technological team of noted scientists and device engineering experts, StoreDot is positioned to reinvent the world of materials and devices as they know it.

Carwow is the smart way to choose and buy a new car. The company helps to connect car buyers to car dealers to make the process as efficient and cost-effective as possible while enabling consumers to interact with an official dealer throughout the transaction process. The company's dealer partners sell more cars in the showroom alone while reducing cost inefficiencies and improving stock turnover.

Spectralix specializes in developing an optical chip technology.  The company was founded in 2017 and headquartered in HaDarom, Israel.

Permanent magnets are essential components in various technologies, including electric vehicles, wind turbines, and many electronic devices. Niron Magnetics focuses on creating high-performance, rare-earth-free magnets. This is significant because traditional rare-earth magnets, which often use materials like neodymium and dysprosium, can face supply chain challenges due to the limited availability of these elements. By developing alternatives to traditional rare-earth magnets, Niron Magnetics aims to address issues related to material scarcity, cost, and environmental concerns. Their innovations could contribute to the sustainability and reliability of technologies that rely on permanent magnets. Niron was founded in 2014 as a spinout of University of Minnesota and is based on technology that has received the support of ARPA-E, the National Science Foundation (NSF), and the Department of Energy Office of Basic Energy Sciences.

Relying only on existing vehicle sensors, MDGo generates a full report regarding the accident mechanism, car external and internal damages, and passengers' injuries. This solution can be leveraged as a unique safety feature providing a medical report to first responders (potentially saving 44% of road fatalities), and offers a new revenue stream for OEMs based on the utilization of the same analysis for insurance companies' claim process automation.

EXMET develops technology for additive manufacturing (aka. 3D printing) of components of amorphous and nanocrystalline metal alloys. The Exmet technology allows for weight reductions up to 90% of mechanical components and significantly lower energy losses in magnetic components. The company was formed in 2009 and is based in Stockholm,Sweden.

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.

Actasys is based in Brooklyn, NY with team members in Tel Aviv, Israel, and has a mission for all of its customers to trust their vision sensor data.  Vision sensors (camera, Lidar, infrared) are everywhere, yet they lose data when challenged by weather, heat and other impacts, which threatens safety and function.  Actasys solves this problem by detecting sensor impacts, correcting to restore perception and overheating, and reporting sensor diagnostic and health data.  By providing a suite of patent protected and proprietary technologies, Actasys empowers its customer to attain optimal sensor operation and achieve safety and functionality in the mobility, smart cities and smart manufacturing sectors.  Actasys has significant commercial traction, is a member of two leading mobility accelerators, and its seed investment round was co-led by Volvo Cars Tech Fund and Next Gear Ventures.

Alchemist is a venture-backed accelerator focused on accelerating the development of seed-stage ventures that monetize from enterprises (not consumers). CB Insights rated Alchemist the top accelerator in 2016 based on the median funding rates of its grads (YC was #2). The accelerator’s primary screening criteria is on teams, prioritizing having distinctive technical co-founders. The organization provides seed investment into companies it admits (typically $36K), and provides founders a structured path to traction, fundraising, mentorship, and community throughout a 6-month program. The company's backers include many of the top corporate and VC funds in the Valley -- including Khosla Ventures, DFJ, Cisco, GE, next47(Siemens), and Salesforce, among others—the accelerator seeds around 75 enterprise-monetizing ventures/year. Notable alumni include LaunchDarkly, Rigetti Quantum Computing, mPharma, Matternet, and Mightyhive.

UVeye is a computer vision company that creates automatic inspection systems for vehicles since 2016. The systems provide complete visibility and enhanced customer experience scanning the underbody, tires, and complete exterior of any type of vehicle within seconds while utilizing a unique combination of machine learning and artificial intelligence algorithms. The company has installed systems in over 200 sites including dealerships, auctions, and fleets all across the world. During 2022 both Volvo Cars and General Motors have announced national programs to incentivize their dealer networks to install UVeye for both services and used car applications. Some of the issues detected by the system include oil leaks, rust, paint scratches and dents, tire issues such as side-wall damage or low tread depth, uneven wear which could lead to an alignment, missing parts, broken parts, and exhaust-system issues.  UVeye is backed up by strategic investors such as Carmax, Volvo Cars, Toyota Tsusho, Hyundai Motor Cars, General Motors, and W.R. Berkley. Additional information is available at www.uveye.com.

Zūm is a provider of safe, efficient, and reliable child transportation for school districts and busy families. Zūm saves schools money and parents time by providing flexible transportation options through its network of highly vetted drivers and advanced scheduling, routing, and tracking technology. The company currently provides children’s transportation service in the San Francisco Bay Area, all of Los Angeles, Orange County, and San Diego. Zūm was founded in 2015 and is based in Redwood City, California.

Forciot is a Finnish technology company that was born in December 2015 out of love for engineering challenges and sports. Group of leading wearable researchers from Tampere University of Technology and consumer electronics experts agreed to put their heart and passion into developing together unique innovation that would start a new era in wearable business.  They realized that world is lacking wearable technologies that could be part of products that people use every day, everywhere.Today there starts to be an overload of separate measurement gadgets offered for people to be carried around them to measure performance.  Their vision is that in the future they do not need to carry separate performance wearable gadgets with us anymore while for example exercising. Instead, the measurement technology will be integrated directly into those sporting products, such as shoes or gloves, that they all are using when training anyway.  They decided to start building this new era of wearables. On their view, most product manufacturer companies will also evidently become IOT-product manufacturers in the future. FORCIOT® with innovative solutions that are connected to internet, is the engineering partner for these companies to build the future IOT-products.  For their business to business customers, they offer advanced and accurate REAL-TIME force, power, pressure, balance and weight measurement system that will take wearable world to the next level. They provide their customers the capability to utilize force related data that has not been available before.

FreeWire Technologies is the leading manufacturer of battery-integrated EV charging stations and power solutions in the U.S. The Company’s fully-integrated Boost Charger plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. The Boost Charger’s combination of proprietary battery and power conversion technology enables ultrafast EV charging at all locations, freeing customers from the costs of providing fast charging using power directly from the electric grid. FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations across the U.S. and has partnered with bp pulse to deploy Boost Charger in its operations across the UK.

Volvo Cars, the premium car maker, has an investment fund aimed at investing in high potential technology start-ups around the globe. The aim of the Volvo Cars Tech Fund is to invest in strategic technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.

<div> Volvo Cars' corporate venture capital arm, the Volvo Cars Tech Fund, aims to invest in and collaborate with innovative startups that can enhance its position as a technological leader in the automotive industry. In April 2023, the fund led a Series A funding round for CorrActions, an Israeli AI startup developing brain monitoring technology to detect cognitive symptoms like fatigue or intoxication in drivers and passengers. This investment supports further development and commercialization of CorrActions' software which analyzes micro muscle movements via existing in-vehicle sensors. As of April 2023, the Tech Fund has made strategic investments in notable startups like online car marketplace carwow and energy management firm PowerShare. Its stake in UK-based carwow provides valuable insights into areas such as online sales and customer acquisition to support Volvo's goal of conducting around 50% of vehicle sales online by 2025. The fund's investment in China's PowerShare in October 2022 marked its first in the Asia-Pacific region, partnering on sustainable solutions like virtual power plants integrating clean energy sources. Looking ahead, the Volvo Cars Tech Fund seeks to forge partnerships that advance the automaker's transition to full electrification by 2030 and climate neutrality by 2040. It views collaboration with innovative firms as key to developing technologies for safer, more sustainable mobility solutions aligned with Volvo's strategic vision. The fund enables early access to emerging innovations that could eventually be integrated into Volvo's product ecosystem. </div>

Volvo Cars Tech Fund

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