Damon Motors has raised $37.9 million CAD ($30 million USD) in a Series B funding round led by House of Lithium and other undisclosed investors.
Founded in 2017 by serial entrepreneurs and avid motorcyclists Jay Giraud and Dom Kwong, the Vancouver-based electric motorcycle manufacturer claims its the first to leverage deep technology and artificial intelligence for e-bikes.
Backed with fresh financing, Damon intends to fuel its production and manufacturing efforts as the startup prepares to open its Vancouver factory and begin delivery of HyperSport motorcycles in 2022.
Damon said that its flagship superbike has received more than $45 million in orders, and it anticipates to introduce its HyperFighter Collosus model at the 2022 Consumer Electric Show (CES).
“The ride has been nonstop since we first unveiled the HyperSport at CES,” said Giraud. “As 2022 approaches, it’s full speed ahead with the backing of House of Lithium and the investment community, as well as the riding community.”
According to the company, its ability to present a new motorcycle at CES is enabled by its HyperDrive electric powertrain technology. Damon claims it’s the world’s first monocoque-constructed, 100 percent electric powertrain that forms the core of all of its motorcycles. The startup used AI technology to create all of this.
Statista reports that the global electric motorcycle market was worth $17.94 billion USD in 2019 and is projected to grow up to $30.52 billion by 2030.
In an effort to grow its company, Damon is looking to fill 150 positions by 2022 in all departments, including engineers with automotive, battery, power train, and embedded software enterprise.
Damon has also recently announced a 110,000 square feet manufacturing facility in Surrey, British Columbia to begin production in 2022 and plans for a European expansion to market its motorcycles throughout the continent.