Navier raises $7.2m in latest seed capital round
Electric hydrofoil specialist, Navier has raised $7.2m from its latest round of seed capital funding. The capital will be used to help build the next generation of boats in the US the cut current running costs by up to 90%, according to the San Francisco Bay Area-based builder. The seed round was co-led by Global Founders Capital and Treble.
Sampriti Bhattacharyya, co-founder and CEO said: “We are fundamentally rethinking the boat as we know it. Hydrofoils not only allow electric boats to attain a practical range at high speeds, but they drastically reduce the operational cost of a vessel by a factor of 10x when compared to traditional boats with combustion engines. In addition, they deliver a vastly superior ride quality that eliminates sea-sickness since you’re foiling over the waves.”
Last year, Navier sold out of build slots for its flagship Navier 27s (15 vessels) within two months of product announcement. The firm has now partnered with boatbuilder, Lyman-Morse to fulfill the first year of production for the 27.
The first two hulls of the model are currently under construction at Lyman-Morse’s facility in Maine. The company plans to ramp up production to over 400 units by 2024.
Treble’s Daniel Gulati, Navier investor and co-lead of the latest seed round, said: “Navier brings electric propulsion, autonomy and network-driven mobility to the maritime category, an industry that has historically lacked both hardware and software innovation. What is most impressive is the founding team’s background. The team brings together an exceedingly rare mix of expertise in these seemingly disparate, yet crucial, areas. We are thrilled to back the team’s vision to create a win-win for consumers and the planet.”