In the latest funding round for Damon Motors, investors backed the automotive business to the tune of $30 million. Support for the motorcycle startup company was led by Benevolent Capital, SOL Global Investments, and Zirmania, among other participants. The new financing comes as the startup company reports pre-order sales reaching $20 million for its line of high-performance motorcycles.
“We have unveiled the future of two-wheel transportation and yielded high demand in North America and Europe, validating the market need for high-performance electric motorcycles,” said Jay Giraud, CEO and co-founder of Damon Motors. “On the back of this demand, Damon will produce an entire line of medium- and high-performance motorcycles over the next few years, with HyperDrive serving as the core of each model.”
Electrifying Two-Wheel Transport
The EV company was founded by Giraud and Dom Kwong in 2017 and formed with the intent to produce a safer motorcycle for enthusiasts. The startup motorcycle business sports a line of EV models in its HyperSport collection. Each EV utilizes “the world’s first monocoque-constructed, 100% electric, multi-variant powertrain” and offers a variety of safety features.
Every EV model provided by the startup business comes with an integrated 360-degree safety system. With front and rear-mounted HD cameras and radar, the warning system designed by the motorcycle company alerts users to potential hazards with haptic feedback sent through the handlebars of the EV, in addition to LED signals built into the windscreen. The electric vehicles can also shift riding positions with the touch of a button, easily adjusting for different traffic and riding conditions.
The high-performance EV motorcycles from the startup business boast speeds up to 200 mph and ranges reaching 200 miles per charge. All motorcycles are compatible with DC charging technology and can charge to 80% capacity in 45 minutes.
Competition in the Electric Motorcycle Industry
Damon is not the only company pushing for the electrification of motorcycles. Harley Davidson released the first EV from its business, the LiveWire, in 2019. Other companies like Zero Motorcycles have received significant investor support. Zero has garnered over $188 million in total from supporters. Market research expects the electric scooter and motorcycle market size to reach $10.5 billion by 2025.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.