Vancouver-based Damon Motorcycles, a developer of safety innovations for motorcycles using sensor fusion, robotics, and artificial intelligence, has secured $3 million in additional financing.
Damon also acquired the IP portfolio of Mission Motors, developer of high-density EV powertrains.
The funding was raised by a group of undisclosed angel investors and will be used to develop the company’s Hypersport motorcycles and speed up getting them to market. The new funding comes nearly a year after Damon raised its $2.5 million seed round from Round 13 Capital, Techstars, Extreme Venture Partners, and Pallasite Ventures.
The startup has also acquired the intellectual property (IP) portfolio of San Francisco company Mission Motors, which develops high-density electric vehicle powertrains and ceased operations in 2015. The IP includes Mission Motors’ PM200 electric motor, Mission Inverter, and Skyline Telematics, which will be used in the development of Damon’s full-stack electric vehicle and cloud computing platform.
“The purchase of the Mission Motors IP will add to Damon’s capability to build the highest performance drive trains in motorcycling,” said Derek Dorresteyn, COO of Damon. “Mission Motors was a technical leader and we are happy that some of that competitive DNA has passed into the Damon Hypersport. We intend to improve upon it considerably to take motorcycling into an entirely new level of performance.”
Damon aims to make motorcycles safer by using low-cost connectivity networks, sensors, and mobile computing. The company said with the new funds, it will be able to address the critical safety needs of motorcycle customers and manufacturers.
Unlike the traditional driver-assistance systems in cars, Damon’s advanced warning system for Motorcycles recognizes the ‘cageless’ conditions and vehicle dynamics of motorcycles that make riders vulnerable on the road.
The startup is also making two new Hypersport Premier motorcycles, Arctic Sun and Midnight Sun, available for pre-order. The two models were first showcased at the Consumer Electronics Show in January. Arctic Sun and Midnight Sun retail for $55,978 CAD. The motorcycles are being targeted toward the millennial segment, which Damon said comprise half of the company’s preorders.
Damon was founded by Jay Giraud and Dom Kwong in 2017, and its team consists of a group of former Intel, Harley-Davidson, Polaris, Nokia, and Mojio workers. It is a Creative Destruction Lab alumni and a Techstars Mobility company.
The startup is now entering the development and test validation phase of its EV and cloud computing platform. Road and traffic data collected from each Hypersport will allow the company to remotely update the onboard computers, increasing the motorcycle’s ability to detect vehicles with every mile ridden. The company aims to be production-ready late next year.
Image source Damon Motorcycles