Electric drivetrain company Volektra announced it has secured a new funding round to commercialize its proprietary Virtual Magnet motor technology. Chakra Growth Capital led the funding round, which included strategic investors specializing in deep tech, manufacturing resilience, and energy independence.
The company’s breakthrough is an industry-first that eliminates rare earth magnets through a radically reimagined motor architecture. And this funding will advance Volektra’s expansion across automotive, micromobility, industrial, and defense markets. The company actively engages in proof-of-concept programs with major global automotive OEMs while deploying its technology through its own micromobility systems.
Volektra’s Virtual Magnet motor utilizes software-defined magnetic fields and an advanced coil architecture to match permanent magnet motor performance without using a rare earth material. And the result is a compact, efficient, and scalable platform that eliminates supply chain risks, environmental damage, and cost volatility associated with traditional designs.
This technology results from several years of R&D, led by a cross-continental team with 200+ years of combined experience in electric motor design, control systems, and industrialization.
Beyond the core motor technology, Volektra is also developing the Volektra Smart & Connect platform—a connected system layer that seamlessly integrates with its drivetrains. And this platform enables over-the-air (OTA) updates, remote diagnostics, predictive maintenance, and fleet-level analytics, transforming every Volektra-powered product, like Vollkit, into an intelligent, connected system.
With this funding, Volektra is transitioning from deep tech development to full-scale commercialization, positioning itself at the forefront of a new era in electrification—one that is clean, connected, and independent of rare earth constraints.
KEY QUOTES:
“At Chakra Growth Capital, we invest in transformative technologies that drive efficiency, sustainability, and long-term impact. Volektra’s Virtual Magnet motor technology is a game-changer—eliminating reliance on rare-earth materials while delivering superior performance and cost advantages. As industries rapidly electrify assets, Volektra is uniquely positioned to enable scalable, cost-effective, and sustainable decarbonization. We are thrilled to support their growth and the significant impact they will create in the years ahead.”
- Chakra Growth Capital’s Sri Purisai (Managing Director)
“At Ecozen, we believe in creating solutions that don’t just push boundaries but redefine them—whether it’s in climate-smart cooling, sustainable energy, or intelligent power management. Volektra’s Virtual Magnet motor is a game-changer, breaking free from rare earth dependency while delivering unmatched performance and scalability. This aligns perfectly with our mission of driving innovation that empowers communities. As believers in technology that is cleaner, smarter, and more resilient, we are excited to support Volektra in shaping a future where electrification is not just sustainable but truly transformative.”
- Devendra Gupta, CEO and Co-Founder, Ecozen Solutions
“This technology isn’t just about performance—it’s about sovereignty. By removing rare earths from the equation, we enable advanced motor manufacturing in the U.S., Europe, and India without compromise. Rare earth minerals should be reserved for applications that truly require them. Our belief is simple: motors don’t. And we’ve proven that with no trade-offs in cost, quality, or scalability. It’s a fundamental shift for every industry reliant on electrification.”
- Manish Seth, CEO & Founder of Volektra
