Bimotal Inc.

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.

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

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

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.