BMW i Ventures has invested in Silicon Valley-based company Software Motor Company (SMC). The new funding will enable SMC to further scale its business and accelerate product development.
“Electric motors are a massive, US$100bn market, and they move our modern world, while consuming over 45% of the world’s electricity,” said Greg Smithies, partner, BMW i Ventures.
“So, investing in a company that can deliver huge electrical cost savings, while selling motor systems that are lower cost, more reliable, and made from more sustainable materials, seems like a no-brainer.”
To date, the motor company has focused on transforming the HVAC industry, but SMC also has the ability to reduce the energy intensity of the vehicle manufacturing process by retrofitting its demanding HVAC systems.
“SMC’s unique architecture has the potential to improve the efficiency, cost and safety of developing electric drivetrains, while reducing dependence on unsustainable rare earth minerals. That is a huge opportunity across all vehicle manufacturers,” added Smithies.
