Ultraviolette Automotive announced that Qualcomm Ventures and Lingotto have joined the Series D round.
Fund Allocation
Qualcomm Ventures and Lingotto’s investments will be used to expand the company’s footprint in India, followed by expansion into other markets, and to boost the brand’s technological capabilities and expertise.
Investors
Qualcomm Ventures makes investments in companies focused on 5G, AI, Automotive, IoT, Enterprise & Cloud, and XR/Metaverse. Qualcomm Ventures oversees nearly $2 billion in assets in the United States, China, India, Israel, Europe, Latin America, and Korea, with over 150 portfolio firms.
Also Read: Ultraviolette Gets Backing From Ferrari Stakeholder
Lingotto (previously Exor Capital) is a wholly owned subsidiary of EXOR N.V, which owns or controls firms such as Ferrari (RACE.MI), Stellantis (STLA.MI), CNH Industrial (CNHI.MI), Iveco Group (IVG.MI), The Economist Group, Via, and soccer team Juventus. (JUVE.MI).
Official Statements
Commenting on the investment, Narayan Subramaniam, Co-Founder and CEO, Ultraviolette stated, “As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences. We are thrilled to have Qualcomm Ventures and Lingotto back us in our vision of redefining the future of electric mobility and making the F77 a global phenomenon.”
“Qualcomm Ventures is proud to support Ultraviolette, which is committed to raising the bar on performance and safety standards of electric two-wheelers with best-in-class technologies, design, and engineering,” said Quinn Li, Senior Vice President, of Qualcomm Technologies, Inc. and global head of Qualcomm Ventures. “We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies, such as Ultraviolette, with not only access to capital but also the opportunity to potentially leverage Qualcomm’s world-class technology innovations.”
Ultraviolette F77
The Ultraviolette F77 will be commercially released on November 24th, with an industry-leading IDC range of 307 kilometers on a single charge. The company opened pre-orders on October 23rd and will roll out the product in stages, with the first batch of motorcycles delivered in Bangalore.
