Renovo Motors Announces Funding By True Ventures

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Sep 17, 2014, 09:00 ET

CAMPBELL, Calif., Sept. 17, 2014 /PRNewswire/ -- Renovo Motors, Inc., makers of a high-performance, all-electric supercar, today announced the closing of its recent round of funding led by venture capital firm True Ventures. Renovo Motors introduced the world to the Renovo Coupe in August with the launch of its production prototype at the 2014 Pebble Beach Concourse d'Elegance. Founded in 2010 with the mission to build the world's most exciting vehicles, Renovo has operated in stealth mode for over four years as the company developed and refined its patent-pending electric vehicle technology. The Coupe—the first all-electric American supercar—is the culmination of these efforts.

Renovo logo. (PRNewsFoto/Renovo Motors, Inc.)

Powered by a patent-pending 740 volt lithium-ion battery pack, the Renovo Coupe uses two twin sequential axial flux motors to produce more than 500 horsepower and 1,000 ft-lbs of torque, available immediately from a complete stop. This groundbreaking powertrain allows the Coupe to attain 0-60 MPH in 3.4 seconds, making it the fastest production rear-wheel drive electric vehicle in the world. The Renovo Motors team is inspired by eras of automotive history where great change has enabled focused teams create disruptive technologies and enduring brands through a relentless pursuit of higher performance. With backgrounds in highly-technical fields, the Renovo team, led by co-founders Christopher Heiser and Jason Stinson, aims to take existing technology and use it as a foundation to create something the world has never seen before.

Toni Schneider, a partner at Palo Alto-based venture capital firm True Ventures, said his firm invested in Renovo because of the founding team and the company's potential for market disruption.

"Chris and Jason are brilliant founders with deeply technical backgrounds and 15 years of history between them," he said. "They have created incredibly advanced technology and a beautiful machine that is well positioned to disrupt the automotive market. True Ventures is thrilled to become partners with this impressive company."

Renovo Motors plans to use the new funding to continue its research and development, focusing on the enhancement of its electric propulsion technology to create a revolutionary supercar that is unlike anything in existence, according to Heiser.

"With the Renovo Coupe officially available for purchase, we could not be more excited to partner with True Ventures and begin taking the next steps toward continued company growth and expansion," he said. "We are honored to enter this relationship while charting a successful path for Renovo for years to come."

The Renovo Coupe is on sale now in limited quantities and will begin shipping in 2015.

About Renovo Motors
Renovo Motors, a Silicon Valley car company, is driven to create the world's most exciting vehicles. By harnessing the power of the latest electrical, mechanical, and software systems the Renovo team creates cars that redefine the driving experience. Their debut offering, the Renovo Coupe, sets multiple benchmarks in the EV supercar segment and demonstrates the performance, control, and excitement that is made possible by Renovo's patent-pending technology. For more information on Renovo Motors and purchasing details, visit www.RenovoMotors.com or contact (951) 719-1040 or [email protected].

About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With four funds and approximately $900 million in capital under management, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. With a mission to make the world a better place for entrepreneurs, True encourages each founder's vision and has built resources to empower the employees, families and communities of its portfolio companies. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 150 companies funded and multiple companies acquired, the current True portfolio has helped create over 3,500 jobs. To learn more about True Ventures, visit www.trueventures.com.

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SOURCE Renovo Motors, Inc.