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Bimotal Inc.

Powering electric vehicles with better motors, batteries, electronics, and software

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Bimotal Inc: An In-depth Look

View on Wefunder
Security Type
Technology, Transportation & Storage, Energy, Sustainability
Min Investment
Berkeley, CA
Expected Close Date
April 29, 2024
Target Raise
No. Investors
Security Price
Number of Employees
Short Term Debt
Cost of Goods
Long Term Debt
Net Income

Company Description

Bimotal designs and develops custom electric powertrains for small electric vehicles [EVs] weighing 20-50 pounds. The company builds motors, batteries, electronics, and software to power the next generation of electric vehicles.

The business idea is unique as it focuses on small electric powertrains. Bimotal aims at reducing barriers to car-free mobility and it understands the need for lightweight forms of transportation. The company has a particular focus on smaller EVs. It has various products: Elevate, which is a direct-to-consumer product. Elevate is a removable, lightweight, and powerful e-bike motor that cleverly mounts to your bike's disc brakes and provides unparalleled flexibility for a variety of use cases. The e-bike system is the company’s first-ever product and it includes the motor, battery, mounting hardware, throttle, and installation. It has 2 products in development: Mid-Drive and Wheelchair. Mid-Drive which is a B2B product; Wheelchair which is also a B2B product. About 1% of the population uses a wheelchair (50-80M people globally). 65% of that market consists of folding wheelchairs, and many of those users suffer shoulder injuries from overuse. This presents an opportunity for lightweight, removable power-assist solutions. The total e-motor market for small powertrains is estimated to be $57B. The total addressable markets for lightweight wheelchair powertrains and premium e-mobility powertrains are estimated to be $2B and $4.5B respectively. 

The company has gained significant market traction. It has $400k worth of Elevate e-bike preorders. For the period ended December 31, 2022, the Company had revenues of $1.22M ($1.1M from a related party) compared to the year ended December 31, 2021, when the Company had revenues of $1.51M ($100k from a related party). Its gross margin was 98.7% in fiscal year 2022, compared to 100.0% in 2021. The Company has had a net income of $114k and net losses of $390k for the fiscal years ended December 31, 2022, and December 31, 2021, respectively.

Key Deal Facts

Big traction: contract with top bike brand to develop industry-leading ebike system (not guaranteed) Investible venture: Over $2.5MM raised to-date Allstar team: Former Tesla Powertrain, Apple, Formula-1, and Aerospace Tech Leads Pick-and-shovel play: Better propulsion will elevate the entire electric vehicle industry Already shipping: B2C product tooled and in the field with custom-written data logging software Rapid scalability: B2B powertrain business model can scale in large steps with each new customer Massive revenue potential: Multiple programs have a path to $100MM+ annual revenue (not guaranteed) Adjacent markets: Lightweight folding wheelchair motor concept in development

Use of Proceeds

The company plans to use the proceeds for its elevate production ramp, wheelchair concept prototype, business development, and Wefunder platform fees.

Management Team / Advisory Board Bios

The company has a good team – professionals experienced in scaling and management of the business.

Toby Ricco, CEO & Founder
Tony is the technical lead on the Model 3 Power Conversion System. He has worked at Tesla for over a decade. He has built EVs since the age of 12. 

Matt Rounds, Associate Director of Engineering
Matt has written custom data-logging and CAN software for aerospace startup where he led the custom BMS firmware development team. He is also the team lead of FSAE at Cal Poly SLO.

Ryan Sellers, Sr. Mechanical Engineer
Ryan has led the iPhone display design team at Apple. He has also led the FSAE team at Duke. He has completed his BS in Mechanical Engineering.

Swadhin Gite, Sr. Electrical Engineer, Electronics Team Lead
Swadhin was the head of hardware for the startup building smart diagnostic devices to measure soil quality in the sustainable farming industry. He has developed thermal cameras for Germany's armed forces.


Valuation Notes

The company has valued itself at $25M post-money. The P/S multiple is 20.49x the current revenue. The valuation looks high for the current stage.

Amount Raised : $632,880
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The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
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The experience of the management team in running, scaling and/or exiting a business that required similar skills to execute the business plan.
Management Team
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Security Description

A CAFES (Contract and Future Equity Stake) can convert into different types of equity upon a Triggering Event, such as: common or preferred stock for a corporation, limited partnership interest for a limited partnership and membership interest for a limited liability company. At the time of the Triggering Event, the specific rights and limitations associated with the equity stake being issued to the investors will be determined and disclosed by the Entrepreneur.

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