- Local Motors parent company LM Industries announced it has raised $15 million in funding from Mirai Creation Fund II. These are the details.
Local Motors parent company LM Industries announced it has raised $15 million in funding from Mirai Creation Fund II (managed by Japanese investment firm SPARX Group Co., Ltd). This round of funding will enable Local Motors to deliver Olli to customers and consumers who are seeking ways to redefine local mobility.
This round of funding will be used for driving product development, production, and deployment for Olli — which is the world’s first 3D-printed and electric self-driving shuttle. Ever since the series production for Olli 2.0 started, the company has seen a significant resurgence in interest for safe and reliable transportation, recently deploying the first ever Olli 2.0 at the AZ Maria Middelares hospital in Ghent, Belgium and delivering the first 2.0 in the United States to Jacksonville Transportation Authority at the AV Test & Learn track at Armsdale.
Throughout the pandemic, Local Motors has continued to address the need for clean and safe autonomy. And in July, the company announced a partnership with Beep, the Florida-based Mobility-as-a-Service (MaaS) provider with plans to deploy hundreds of autonomous vehicles in the coming years. And additionally, Local Motors made significant strides in validating the safety of its vehicles this year, proving that its 3D-printed structure performs at an equivalent level to traditionally manufactured vehicles during crash testing.
KEY QUOTES:
“When SPARX considers partnering with new businesses, we are committed to finding great companies, like Local Motors, with intentions and abilities to make the world a better place.”
— Shuhei Abe, CEO of SPARX Group.
“Local Motors has a unique advantage to quickly deliver impactful products that can revolutionize the automotive and mobility industry. At a time when the world is changing faster than ever, we’re thrilled to be working with a company that can evolve with it.”
— Seiji Miyasaka, President of SPARX Capital Investments, Inc., a US subsidiary of SPARX Group and new Local Motors board member
“We share a dream with SPARX Group to completely reimagine the mobility and automotive industry, with the goal to truly move society forward in a profound way. Delivering innovative and locally relevant vehicles and mobility solutions has been at the core of our company from the beginning, and we look forward to pushing the industry to be a more clean, customer-centric business. SPARX’s investment, which includes Toyota Motor Corporation and Sumitomo Mitsui Banking Corporation as seed LPs for the Mirai Creation Fund II, proves that our commitment to low-speed autonomy and digital manufacturing can make a direct impact in the world through cleaner manufacturing and better mobility experiences for all.”
“Our partnership with Beep, improved crash testing process, and distinct manufacturing method puts Local Motors in a unique position capable of meeting consumers’ constantly changing needs around the world today and in the future. This funding will help propel our vision forward, and continue making a difference in our communities.”
— Jay Rogers, co-founder and CEO of Local Motors
