Vantage Power, a London-based firm founded by two Imperial College graduates, has raised £2.5m in a pre-Series A round led by John Winter, the former CEO of Barclays Corporate Banking.
The company, which manufactures hybrid systems for buses, also drew support from the Angel CoFund and Dr. Till Becker, the former CEO of Daimler AG Asia, Turkey, India and Portugal.
Founded in 2011, Vantage Power has raised £7.5m to date and will use this new tranche of funding to expand its engineering, manufacturing, sales and C-level teams.
Alexander Schey, CEO of Vantage Power, commented on the news: “Attracting investment and top talent are two of the most critical aspects to any business, but particularly high tech growth companies like Vantage Power.
He added: “We have developed core technologies to enable these products including a proprietary liquid cooled battery pack 70% smaller than our nearest competitor, an advanced control system that manages all the components and collects 6,000 data points every second, and a state of the art IoT-based 2-way telemetry system that captures this data, processes it, presents it and offers customers the benefit of over-the-air software updates.”
Winter, who will also be joining the company’s board, spoke about his decision to invest in the company, noting that the Vantage Power team was “world class”.
“I am delighted to support their credible plans to bring eco-friendly solutions and cutting edge technology to their demanding customer base,” he added.