Birmingham-based EV company We Are Universal (WAU) has raised £650,000 in a pre-seed funding round with Angel Investment Network.
WAU, which was founded in 2018 by Crystal Drury and Linas T. Pozerskis, has created an electric bike that collects mapping data for autonomous vehicles.
The company also sells a powerwall, which converts the bikes into energy storage for buildings.
The company claims the computer onboard its two-wheelers can process data that will help autonomous vehicles reach level 5 autonomy – the most advanced version of driverless cars, which do not yet exist.
“We are proud that our bikes are British designed, tested, programmed and manufactured,” said Linas Pozerskis, co-founder, WAU.
The pre-seed investment will be used by WAU to double production at its Essex plant, to increase headcount and relocate its headquarters from Nottingham to Birmingham.
“After focusing heavily on R&D in the initial phase, this investment will help us scale production to the next level and advance our game-changing WAU Auto-Pilot mapping,” added Pozerskis.
Angel Investment Network is an online platform of more than 1.4 million angel investors looking to invest in startups. Its investments vary from £10,000 to £1m.
Sam Louis, director, Angel Investment Network, said: “Their vision of advancing the EV sector combined with the drive and passion they have for executing it has really set them apart.
“Alongside that, the work they’ve done to strengthen and control their supply chain is a prime example of their dedication to doing things the right way over the easy way.”
WAU’s pre-seed raise comes amid a UK push for more ebikes. Yesterday, ecommerce giant Amazon announced it is swapping vans in favour of e-cargo bikes and walkers.
Last year the government announced the national e-cycle pilot programme in Greater Manchester.
Investors have also shown an appetite for bike and scooter subscription services, with the Bike Club recently raising £16.75m in its Series B.
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