Finnish EV development platform Donut Lab raises €25 million for their solution for land, sea and air-borne vehicles

Helsinki-based e-mobility tech innovator, Donut Lab, has completed its Seed funding round with €25 million raised – following the successful launch of its five-motor lineup.

Coupled with this announcement, is the appointment of serial tech investor Risto Siilasmaa to the Board of Directors, having previously served as Chairman of Nokia and established several tech companies including successful cybersecurity firms WithSecure and F-Secure.

Marko Lehtimaki, CEO, said: “The continued growth in demand, international expansion and interest in our business – from customers, investors and new recruits alike – demonstrates to us Founders what we have always believed, that our tech solution is truly groundbreaking. The performance, robustness, versatility and relative low cost of entry of our products really is a winning formula. I cannot wait to showcase the latest applications and introduce new business divisions and partners of our growing group in the coming weeks and months.”

Founded in 2024, Donut Lab, provides all the components needed to build an electric vehicle and makes them available to operators. The Donut Platform offers a range of inter-compatible components with the aim of making electric vehicle manufacturing both quick and economical.

The modular platform encompasses essential components such as battery modules, computer units, and vehicle control software.

The Donut Motor is the world’s first-ever in-wheel motor that combines maximum torque and power density with a lightweight design, reportedly eliminating the need for traditional drivetrain components. The systems are designed for versatile use across land, sea and air vehicles, serving automotive, aerospace, robotics, marine, and defence sectors – from compact scooters to drones to heavy-duty trucks and beyond.

A successful launch of the expanded motor family at CES 2025 also supported a 30-fold increase in demand for Donut Lab technologies. The company can now confirm more than ten commercial contracts with OEMs across a range of industries have been signed, for full stack EV integration through adopting Donut Lab motor and platform technologies.

International engineering and commercial teams have also been bolstered with new appointments including Neil Patterson, Vice President of Engineering Programmes (formerly of McLaren, Lotus and Aston Martin) and Craig Williams, Vice President of Business Development (formerly of BMW and Rivian) and others.

A further personnel announcement will be made this summer with full details of new members to the growing international team.

As part of its international expansion, an R&D facility has been established in the UK – in Chippenham, Kent. The UK team, in partnership with colleagues in Helsinki and Tallin, is working to further progress their full stack EV motor family, with advanced volume manufacturing now underway.

Next year will see a comprehensive business and brand showcase for the company, encompassing demonstrations of its EV applications at work, new technological breakthroughs and new partners exhibiting their solutions across land-, sea- and air-borne vehicles.

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